ClearOne Enters Video Conferencing Market with the Acquisition of VCON
SALT LAKE CITY, Jan. 27, 2012 /PRNewswire/ -- ClearOne (NASDAQ: CLRO) today announced the acquisition of Israel-based VCON Video Conferencing, a leader in high-performance, end-to-end, software video conferencing solutions.
ClearOne entered into a definitive agreement to acquire substantially all the assets of VCON. Under the terms of the asset purchase agreement, ClearOne will pay $4.5 million in cash and will not assume any debt or cash. The acquisition is expected to close by the end of this quarter, subject to customary closing conditions, including applicable regulatory and court approvals.
VCON has established a comprehensive portfolio of industry-leading HD videoconferencing solutions comprising feature-rich room systems and desktop video applications, as well as enhanced network management and infrastructure solutions. With the acquisition of VCON, ClearOne will offer a complete suite of audio and video conferencing and collaboration solutions.
VCON brings cutting-edge software-based full HD (1080p) video conferencing technology with H.264 High Profile encoding that reduces bandwidth utilization up to 50 percent. Unique features to VCON software-based video endpoint solutions include:
Embedded multipoint video conferencing
Embedded SIP/H.323 bridging interoperability with all leading standards-based hardware and software video conferencing endpoints
Built-in recording and streaming
Built-in remote content and data sharing
Built-in interactive multicast
"The acquisition of VCON will bring us a wealth of knowledge, technology and experience in the growing video conferencing market to complement ClearOne's leadership in audio conferencing," said Zee Hakimoglu, Chairman and CEO of ClearOne. "VCON's software-based technology opens the gate to multipoint HD video conferencing for a broad spectrum of platforms."
"ClearOne is an ideal match for VCON as it enhances the quality of video conferencing with ClearOne's HDConference™ audio processing technology and products," said Isaac Ben Ezra, CEO of VCON. "Customers, channel partners and end-users will all benefit from the strengths of these two world-class leaders as innovative technologies are brought to market."
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