Photography and broadcast products specialist Vitec (LON:VTC) has strengthened its presence in the wireless video market with the acquisition of Amimon, a business it has worked with for a number of years.
Vitec paid US$55mln for the business, which has its HQ in San Jose, California although most staff are based in Israel.
Amimon makes chipsets for professional video makers and has been supplying Vitec since 2012.
The technology enables very high quality, zero delay video, up to 4K resolution, to be transmitted wirelessly between cameras and monitors.
Vitec will use Amimon to expand into on-location sports and news market, selling wireless video products to broadcasters and independent content creators.
For the nine months to September, Amimon’s revenue was US$13.4mln and underlying profit (EBITDA) $0.8mln.
Stephen Bird, Vitec’s chief executive, said: "Vitec is the natural home for Amimon and I am really delighted to welcome this talented team of engineers to the group.”
Bird added that expectations for Vitec for the year ending 31 December 2018 remain unchanged, with material EPS growth forecast.