FLIR Sees Growth Possibilities with LOREX Acquisition

FLIR Sees Growth Possibilities with LOREX Acquisition

 

FLIR Systems has just announced a decision to acquire LOREX Technology, based in Toronto. FLIR expects to pay a cash value of $1.30 per share (CDN).

In an interview with Andy Teich, president of FLIR, the acquisition follows an already determined strategy for the company to enrich the use of thermal imaging in the security camera business.

Teich said that LOREX and its enterprise-brand camera line, Digimerge, will be the next-generation thermal product, expecting sales to be about a half-million in 2013. The LOREX brand also makes sense as homeowners are now expecting more in home security and may want to explore the thermal product.

“Thermal offers a 24/7 imaging product,” Teich said. “We also believe this will work well in camera analytics on visual imaging. Thermal looks the same, day or night, and is unaffected by the sun’s rays.”

As the cost of thermal imaging on cameras drop in price, more people are inclined to shop for the thermal products, Teich said.

While not necessarily a well-known industry name, Teich said the LOREX brand will be brought to the industry in hopes it can leap frog the better known enterprise players, and make itself a wider known industry solution in the future.