The cloud-based video services market (also known as Video-Surveillance-as-a-Service (VSaaS)) is expanding at a significant pace as legacy solutions shift to cloud-centric architectures. According to IHS Markit report, the Video Surveillance Market is forecasted to rise from 9% of total spending in 2018 to 15% by 2022. To tap this growing market, companies are strengthening their offering through acquisition of industry leaders in this space.

Alarm.com is one such U.S.-based technology company that has reportedly announced the acquisition of majority-stake in OpenEye, one of the leading solution provider company in cloud-based video surveillance commercial market.

Reportedly, OpenEye offers are optimized for commercial consumers that require extensive video recording capabilities along with remote viewing, administration and diagnostic reporting. After this acquisition, service providers who are partnered with Alarm.com would get a cutting-edge solution to comprise commercial accounts of any size.

Sources cite that the combination of Alarm.com and OpenEye would provide a comprehensive array of cloud-based services including video, access control, intrusion, and automation for international as well as domestic enterprises of all sizes. After the acquisition, OpenEye will become a subsidiary of Alarm.com. However, it will continue to operate under the OpenEye brand and will lead by the current management team.

Reportedly, OpenEye Web Services will continue to work as an open cloud platform and will stay committed to expanding its integrated devices and ecosystem of technology partners. Meanwhile, Alarm.com plans to invest more in OpenEye’s growth and expand its headquarters existence Liberty Lake, Washington.

Steve Trundle, President, and CEO of Alarm.com, states that OpenEye had consistently shown that they are a market leader in video-surveillance-as-a-service space and their company is excited to help it continuously grow its business.

He added that OpenEye has a robust partner and consumer list and the company’s priority is to ensure all partners would continue to experience best-in-class service. Additionally, with the help of OpenEye, the offerings available to Alarm.com partners will enhance in the commercial space, said Trundle.

Source Credit -https://www.businesswire.com/news/home/20191021005846/en/Alarm.com-Acquires-OpenEye-Expand-Commercial-Solutions