Dahua to sell Lorex to Skywatch for USD $72 million

Hangzhou, China, Taipei, Taiwan and Ontario, Canada

Zhejiang Dahua Technology Co., Ltd. (Dahua Technology), has entered into a definitive agreement to sell its wholly-owned subsidiary Lorex, a video security company headquartered in Canada with operations in North America and the U.K. to Skywatch a privately held cloud services company headquartered in Taipei, Taiwan.  Dahua states that the transaction is valued at around $72 million US dollars.

Commenting on the transaction, Fu Liquan, President and Chairman of Dahua Technology said, “Lorex has been a crown-jewel in Dahua’s global enterprise since we acquired it. However, it is in the best interest of our shareholders, customers, employees and other stakeholders to execute this transaction, which will create value in both the immediate-term for our company, and over the long-term for Lorex’s stakeholders. We wish the Lorex team every success in this next chapter of their journey.”

The transaction will enable Skywatch to accelerate its entrance into the North American market and other international markets for its growing cloud services business, while enabling Lorex to further grow its already robust video security business in its existing markets. The company does not expect to change its footprint in the markets in which it operates and aims to drive growth across those markets and potential new markets in the coming years.

Commenting on the transaction, Skywatch founder Chairman Dr. Wei-Chao Chen said, “Over the course of more than 30 years, Lorex has established itself as one of the most trusted brands in video security in North America. We look forward to working with Lorex’s world-class team to build on its trusted brand, distributor relationships, and industry-leading products to fuel future company growth and to meet growing customer demand for smart video security and IoT solutions. This transaction not only adds a valuable and growing asset but also paves the way for our cutting-edge cloud services business to establish itself in the North American market. Together, we see an enormous opportunity to create exceptional value.”


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