Magal Security Systems Ltd., an international provider of security solutions has announced that it has acquired ESC BAZ Ltd. (BAZ), an Israeli company that focuses on the development and manufacturing of military-grade smart security and surveillance systems. The acquisition included the purchase of all remaining shares from Benny Zviran, Baz’s founder and current General Manager.
“Magal’s decision to complete the acquisition demonstrates its acknowledgment of BAZ’s technology and accomplishments, as well as respect for its team who achieved record-high revenues in 2020 despite the hardships caused by the Covid-19 pandemic,” said Zviran in a statement.
Magal, which had acquired 55% of BAZ’s shares in 2018, will now have 100% ownership of the company. Dror Sharon, CEO of Magal said how “BAZ will continue to enable us to diversify our offerings, adding smart thermal camera-based solutions, which strengthen and broaden our portfolio of PIDS, state of the art video management systems and video analytics offerings.”
