FLIR Systems Acquires DVTEL

FLIR Systems Inc. announced that it has acquired Ridgefield, New Jersey-based DVTEL Inc. for approximately $92M in cash.  DVTEL is a provider of enterprise-class security and surveillance solutions including video management system (VMS) software, video analytics software, visible and thermal security cameras, and related servers and encoders. 

According to Andy Teich, President and CEO of FLIR: "DVTEL adds a suite of professional-grade security software and hardware that is very complementary to our current solutions and fits very well with our strategy to offer end-to-end solutions in the enterprise and infrastructure segments of the security market."

The deal is expected to be neutral to 2015 earnings and accretive after.  While valuation multiples are not available on this deal, a search of FLIR deals in our M&A database shows they acquired Lorex Technology Inc. in 2012 for a revenue multiple of 0.8x and EBITDA multiple of 6.8x.