Alexander Fernandes, CEO of Avigilon, is photographed along side a screen displaying a live video feed of himself by one of his high definition surveillance cameras at the Avigilon factory in Richmond, British Columbia, Wednesday, May 2, 2012.Rafal Gerszak/The Globe and Mail
Fast-growing Vancouver tech company Avigilon Corp. has been buying a lot of property of late – both intellectual and physical.
In December and January, the network video and surveillance technology company plunked down $93-million in a pair or transactions to pick up 172 patents and 75 patent applications. Now, it has agreed to pay $42-million for a nine-storey building at 555 Robson Street in Vancouver that will serve as its global headquarters.
"This purchase is a sound investment that will help secure Avigilon's future," said Alexander Fernandes, Avigilon's founder, president, chairman and CEO, in a release Friday. The company hasn't decided how it will finance the transaction, expected to close by October, but said it has "several" options.
Avigilon has been on a scorching run, posting average annual revenue growth of more than 100 per cent from 2008 to 2013; analysts are forecasting revenue for the 2014 fiscal year will come in at around $271-million, more than 50 per cent higher than the year before (the company reports on Tuesday), with fourth quarter revenue estimated to come in at around $80-million.
The company, which went public at $4.50 per share in fall 2011, has seen its stock rise more than five-fold since then, and its market capitalization now tops $1.1-billion.
Sean Silcoff