Dahua sells North American cloud security play Lorex For $US72 Million.
Dahua Sells Lorex For $US72 Million – Dahua has sold its Canada-based cloud security services provider Lorex to Taiwanese cloud provider, Skywatch.
Skywatch is a leading VSaaS (video surveillance as a service) and ACaaS (access control as a service) developer and provider. Its in-house cloud technology enables seamless integration of network cameras, sensors, switches, and other IoT devices with cloud recording, smart notification, and hybrid artificial intelligence services.
Dahua Sells Lorex For $US72 Million
“Lorex has been a crown-jewel in Dahua’s global enterprise since we acquired it,” said Fu Liquan, president and chairman of Dahua Technology.
“However, it is in the best interest of our shareholders, customers, employees and other stakeholders to execute this transaction, which will create value for our company now, and over the long-term for Lorex’s stakeholders. We wish the Lorex team every success in this next chapter of their journey.”
The transaction will enable Skywatch to accelerate its entrance into the North American market and other international markets for its growing cloud services business, while enabling Lorex to further grow its already robust video security business in North America.
“Over the course of more than 30 years, Lorex has established itself as one of the most trusted brands in video security in North America,” said Skywatch founder and chairman, Dr. Wei-Chao Chen.
“This transaction not only adds a valuable and growing asset but also paves the way for our cutting-edge cloud services business to establish itself in the North American market where we see an enormous opportunity.”
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“Dahua Sells Lorex For $US72 Million.”