NEW YORK (AP) -- Tyco International Ltd. said Wednesday that it reached a deal to buy Exacq Technologies, which develops video management systems for security and surveillance uses, for $150 million in cash.
The security and fire equipment company, which is headquartered in Switzerland, said it expects the addition to boost its security products business' video technology product lineup and strengthen its presence in the video security market. The business is expected to generate fiscal 2014 revenue of about $75 million, Tyco said.
After the deal closes, Tyco said it plans to integrate Exacq into its security products business. Indianapolis-based Exacq sells its products through a network of distributors, resellers and direct sales representatives.
The deal is expected to close later this year, Tyco said.
Tyco shares slipped 10 cents to $33.65 in afternoon trading. The stock has traded between $24.80 and $34.82 in the past 52 weeks.