Tyco International Ltd. said Wednesday that it reached a deal to buy Fishers-based Exacq Technologies Inc., which develops video management systems for security and surveillance uses, for $150 million in cash.
Tyco, a security and fire equipment company 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.
Exacq, founded in 2002, was ranked ninth this year on IBJ's list of fastest-growing area companies. The company saw revenue grow from $19.2 million in 2010 to $54.5 million in 2012. Employment grew from 49 to 118 during that time.
After the deal closes, Tyco said it plans to integrate Exacq into its security products business. 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.