Wednesday, February 6, 2008

CoVi Purchased By GE Security In Asset Deal

GE Security Inc., a business unit of GE Enterprise Solutions, announced Wednesday that it has acquired certain assets of CoVi Technologies Inc., a provider of IP-based, high-definition video surveillance equipment. Terms of the deal were not disclosed. Specifically, GE Security said it has purchased CoVi's video systems technology and intellectual property. GE Security also said it has hired CoVi's engineering, technical support and product management employees. GE Security said the acquisition should strengthen its delivery of Internet Protocol-based video hardware and software solutions. Headquartered in Bradenton, Fla., GE Security added that CoVi team members will remain in Austin, Texas. CoVi was venture backed by Centennial Ventures, Oak Investment Partners, Polycom, TPG Ventures, and Walden International.