Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS) today announced it has signed an agreement to acquire a 55% controlling interest in ECS BAZ Ltd., an Israeli company that develops and manufactures military-grade smart Security Video Observation and Surveillance systems. Magal has the option to acquire the remaining outstanding shares from BAZ's shareholder and general manager, Benny Zviran, who will continue as BAZ general manager. The acquisition requires approval from the Israeli Antitrust Authority. RELATED ARTICLES Magal security Systems wins $20m in new orders Magal sees North American revival Magal rights offering target: $24m BAZ products include a wide range of modular and customizable medium and long range surveillance systems for distances from 500m up to 25km. BAZ systems have been used successfully for over 20 years, are operational and field proven with customers including the Israeli Defense Forces, Police and Security Services, as well as numerous other government and civilian customers worldwide. Magal CEO Saar Koursh said, "Our vision is to lead the perimeter security market by offering a one stop shop for all cutting edge perimeter intrusion detection systems (PIDS) Security Solutions. The BAZ acquisition will enable us to offer smart thermal cameras with embedded video analytics and strengthens and broadens our portfolio of PIDS, state of the art video management systems and video analytics offerings. We welcome the very talented and experienced team at BAZ to the Magal Group and look forward to realizing the strong potential synergies between our companies." Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018
