Iveda Solutions (OTC:IVDA) announced today the signing of a definitive agreement to acquire MEGAsys Taiwan in a share exchange transaction. The consummation of the acquisition is subject to Taiwan Foreign Investment Commission Agency approval. Iveda Solutions is a very lightly traded stock with an average volume per day below 1,000 shares and a 52-week range between $1.00 and $1.40 per share.
Iveda Solutions is a pioneer in video hosting and real-time surveillance utilizing cloud computing. MEGAsys designs and integrates electronic security and surveillance products, software, and services. The combined company will provide customers with a wider set of cost-effective surveillance solutions with greater opportunity for growth into the global market, particularly in Asia.
"Our recently acquired government agency customer in Mexico, our engagement with a security technology industry insider in Europe, and this acquisition are all in line with our global expansion plans," said David Ly, President and CEO of Iveda Solutions. "The Asian market reach that MEGAsys brings to the table is key to Iveda Solutions' global growth."
MEGAsys has established relationships with key customers in Taiwan and neighboring countries including the Taiwan Stock Exchange, Taiwan's International Airport, Shanghai Commercial and Savings Bank, Taipei County Police Bureau and Traffic Control, Beijing Capital Airport, Hong Kong HSBC ATM System, China HSBC Bank (Guangzhou), Malaysia - Prime Minister's Residence, Hong Kong IBM Asia Headquarters, Regal Hong Kong Hotel, Shanghai China Bank, and Egypt - Pyramids of Giza.
"MEGAsys is looking forward to working side by side with Iveda Solutions in Asia and the U.S., combining our individual strengths for more robust security solutions for our customers," said I.H. Shiau, President of MEGAsys.
Iveda Solutions recently engaged with Windstone Capital Partners and Source Capital Group to assist the company in a capital raise up to $10 million to fund its domestic and international growth plans.
For more information on Iveda Solutions visit www.ivedasolutions.com.
For more information on MEGAsys Taiwan visit http://www.tdi-megasys.com/english/.