Magal Acquires Canada’s Aimetis For $14M

April 3, 2016 | Israeli security solutions provider Magal Security Systems (MAGS) controlled by FIMI Opportunity Funds, is acquiring a Canadian company, Ontario-based video camera security software solutions provider Aimetis, at an enterprise value of $14 million. According to the Canadian company’s website, its solutions are sold through distributors in over 100 countries around the world. The company also has branches in Brazil, Germany, China, and Dubai. As of the end of 2015, Magal had $30.4 million in cash. Magal will acquire Aimetis through its fully-owned Senstar subsidiary. Magal’s market cap is $82 million. The company is active in three fields: perimeter defense systems, perimeter security projects for sensitive installations and special events, and cyber defense. The company made a $3.1 million net profit in 2015. FIMI, controlled by Ishay Davidi, acquired control of Magal in the summer of 2014 at a company value of $60 million, paying Nathan Kirsh, the previous controlling shareholder, $23 million for his holdings. The share price for the deal was $3.50, compared with the current share price of $5. Magal was founded in 1965 as a branch of the Israel Aerospace Industry focused on the development of smart security fences. The company was privatized in 1980 and had its IPO on NASDAQ in 1993.