Magal Security Systems, Ltd. announced it has signed an agreement to acquire a 55% controlling interest in ECS BAZ Ltd., an Israeli-based company, focused on the development and manufacturing of 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. Mr. Zviran will continue to serve as the general manager of BAZ. The closing of the acquisition is pending the approval of the Israeli anti-trust authority.
It is anticipated that BAZ’s operation coupled with the expected synergies will positively contribute to Magal’s revenues and will be accretive to earnings. The BAZ product portfolio includes a wide range of modular and customisable medium and long range surveillance systems for distances from 500m up to 25km. BAZ systems have been used successfully for over twenty years, are operational and field proven with customers including the Israeli Defence Forces, Police and Security Services, as well as numerous other government and civilian customers worldwide.