Battery Ventures, a global technology investment firm, is to acquire the Physical Security Business Unit (PSBU), part of the security division of Ra’anana, Isreal-based publicly listed NICE Systems (NASDAQ: NICE), in a transaction valued at up to $100m.
The deal is comprisef of $85m in cash and up to additional $15m based on future performance.
Under the deal, PSBU, which provides video- management, video-analytics and situation-management solutions, will be spun out into an independently operating business. Its portfolio includes NiceVision and FAST, its video-management solutions; video analytics, including the Suspect Search product; and NICE Situator, an incident-management solution.
The company’s solutions are used by banks, utility companies, airports, seaports, city centers and transportation systems, as well as venues hosting sporting events and major tourist attractions to capture, analyze and leverage big data to anticipate, manage and mitigate security and safety risks, maintain business continuity and optimize operations.
Battery plans to continue to grow PSBU by maintaining its focus on the physical-security market, while expanding the unit’s solutions for daily operations management.
Moti Shabtai, the current general manager of PSBU at NICE Systems, will become group president of the newly created company. He will be joined by Adam Markin, an industry operator and Battery executive-in-residence, who will serve as chairman.
The newly created company will be headquartered in New Jersey with additional offices in London and Singapore, and an R&D center in Israel.