Motorola Solutions on Tuesday announced that it has entered into an agreement to acquire cloud-based mobile access control provider Openpath. Terms of the deal were not disclosed.
Since launching in 2018, Openpath has been among the fastest-growing access control vendors in the market and even secured an investment from Allegion Ventures, the corporate venture fund of industry stalwart Allegion, as part of $36 million funding round last year.
“Securing businesses around the world has never been more critical,” said Greg Brown, Chairman and CEO, Motorola Solutions. “This acquisition enables us to combine the power of video security and access control together, providing unprecedented situational awareness, where every physical entry and exit is authenticated and recorded with access control and video.”
Motorola said the combination of the companies’ experience in video security and access control will enable it to build on its footprint in supporting enterprise customers.
“With Motorola Solutions, we will continue to pioneer the future of the access control industry,” said Alex Kazerani, CEO, Openpath. “We couldn’t be more excited to work together in bringing best-in-class, innovative solutions to organizations around the world to make their business a safer place to be.”
The purchase is the latest in a string of acquisitions by Motorola in recent years intended to bolster its position in the physical security market, which began in in early 2018 when it bought Canada-based video surveillance software and hardware manufacturer Avigilon for approximately $1 billion. The company subsequently added WatchGuard and VaaS International to its portfolio a year later. Just last summer, Motorola acquired Pelco for $110 million in cash.
The company said it expects to close its acquisition of Openpath by the end of July.
