Motorola Solutions to Acquire Cloud-Based Mobile Access Control Provider Openpath
Motorola Solutions (NYSE: MSI) has announced a definitive agreement to acquire Openpath Security Inc., a leader in cloud-based mobile access control. The completion of the transaction is expected by the end of the month, although financial terms have not been disclosed. This acquisition aims to enhance security solutions by integrating access control with video security, allowing businesses greater visibility and control over their entry points worldwide. CEO Greg Brown emphasized the critical need for security in today's environment, while Openpath CEO Alex Kazerani expressed excitement about future innovations.
- Acquisition enhances Motorola's security solutions by integrating access control with video security.
- Expected transaction completion by the end of the month strengthens market position.
- Openpath's cloud-based architecture allows for scalable and efficient security management.
- Terms of the transaction are undisclosed, leaving potential financial implications unclear.
- Integration challenges may arise from merging Openpath's operations into Motorola's existing portfolio.
Motorola Solutions (NYSE: MSI) today announced it has entered into a definitive agreement to acquire Openpath Security Inc., a cloud-based mobile access control provider. Motorola Solutions expects to close the transaction by the end of the month. Terms of the transaction were not disclosed.
Openpath is a leader within the access control industry. Openpath’s solution makes businesses more secure with multi-factor authentication, enables a contactless entry experience and can be easily scaled and managed due to its cloud-based architecture.
“Securing businesses around the world has never been more critical,” said Greg Brown, chairman and CEO, Motorola Solutions. “This acquisition enables us to combine the power of video security and access control together, providing unprecedented situational awareness, where every physical entry and exit is authenticated and recorded with access control and video.”
Businesses will have 24/7 visibility of their access points anywhere around the world and be able to provide a frictionless walk-through experience enabled by a mobile app. The combined leadership of Motorola Solutions and Openpath in video security and access control will allow Motorola Solutions to build on its extensive footprint in supporting enterprise customers with an unparalleled security solution.
“With Motorola Solutions, we will continue to pioneer the future of the access control industry,” said Alex Kazerani, CEO, Openpath. “We couldn’t be more excited to work together in bringing best-in-class, innovative solutions to organizations around the world to make their business a safer place to be.”
About Motorola Solutions
Motorola Solutions is a global leader in mission-critical communications and analytics. Our technologies in land mobile radio mission-critical communications, video security & analytics and command center software, bolstered by managed & support services, make communities safer and help businesses stay productive and secure. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates,” “can be” and similar expressions. Motorola Solutions can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent Motorola Solutions’ views only as of today and should not be relied upon as representing Motorola Solutions’ views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results or events discussed in these statements to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, (1) Motorola Solutions’ ability to integrate the products and services of Openpath into its portfolio; (2) the growth of the video security and analytics business; (3) the expected timeline for completing the transaction; and (4) the satisfaction of the conditions to closing. Motorola Solutions cautions the reader that the risk factors below, as well as those on pages 12 through 22 in Item 1A of Motorola Solutions 2020 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com/investor, could cause Motorola Solutions’ actual results or events discussed in these statements to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions and factors that may impact forward-looking statements include, but are not limited to: (1) the future results of operations of Openpath, (2) Motorola Solutions’ ability to successfully integrate and operate Openpath, (3) the expected timeline for completing the transaction, and (4) the satisfaction of the conditions to closing. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
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FAQ
What is the purpose of Motorola Solutions' acquisition of Openpath Security Inc.?
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