Looking to capitalize on the fast-growing video surveillance-as-a-service (VSaaS) market while simultaneously bolstering its capabilities in the commercial security space, Alarm.com announced that it has acquired a majority ownership stake in OpenEye, a provider of cloud-managed video surveillance solutions for the commercial sector.
In a statement announcing the deal, Alarm.com said that OpenEye’s cloud-managed video surveillance technology, when combined with the Alarm.com for Business offering, will provide its partners with a solution that can accommodate commercial accounts of any size.
OpenEye was originally designed for enterprise-size video deployments that require robust recording capabilities. The platform, which also provides remote viewing, administration and diagnostic reporting, leverages an intelligent cloud architecture that efficiently distributes video and event data for both onsite command center operators and remote video administrators. OpenEye is currently used by more than 14,000 business locations in the U.S. and Canada.
“OpenEye has consistently demonstrated that they are the unequivocal leader in the Video-Surveillance-as-a-Service space and we are excited to help the team continue growing their business,” said Steve Trundle, president and CEO of Alarm.com. “OpenEye has a robust customer and partner list and our top priority is to ensure they all continue to experience great service. The addition of OpenEye will enhance the offerings available to Alarm.com partners in the commercial space. With the ongoing transition from traditional on-premise products to VSaaS, we’re creating new value for subscribers and additional RMR opportunities for our partners.”
With the acquisition, OpenEye will be a subsidiary of Alarm.com. The company will continue operations under the OpenEye brand and be led by the existing management team. In addition, Alarm.com said that OpenEye Web Services will remain an open cloud platform and that the company remains committed to expanding its ecosystem of technology partners and integrated devices. Alarm.com intends to further invest in OpenEye’s growth.
“We’re excited about this next step in our evolution as the leader in cloud-based VSaaS,” said Rick Sheppard, CEO of OpenEye. “Alarm.com is the platform of choice for thousands of service providers that demand innovation and exceptional customer service. Combining their wide array of partner tools and resources with our capabilities will provide our partners with solutions that are second-to-none.”