Chicago tech giant Motorola Solutions has acquired a Texas license plate analytics company for $445 million as it looks to better position itself as a supplier of tech equipment to law enforcement agencies.
Motorola announced Monday that it acquired VaaS International Holdings, a company that makes AI-enabled cameras and software for license plate recognition and analysis. Motorola paid for the company in a combination of cash and equity.
VaaS, which has offices in Fort Worth, Texas, and Livermore, Calif., was founded in 2014 by Todd Hodnett and Shawn Smith. Using artificial intelligence and machine learning, the company has been able to build a database of license plates, captured with its cameras, which allows law enforcement agencies to find suspects and missing people quicker.
“Automated license plate recognition is an increasingly powerful tool for law enforcement,” said Motorola chairman and CEO Greg Brown in a statement. “With this acquisition, VaaS will expand our command center software portfolio with the largest shareable database of vehicle location information that can help shorten response times and improve the speed and accuracy of investigations.”
Since launching, VaaS has raised $5 million in venture capital funding, and says it is on track to make about $100 million in 2019 revenue.
“We are very excited to be joining Motorola Solutions,” Smith said in a statement. “This acquisition enables us to continue to serve our existing customers and expand our footprint globally, while at the same time supporting a company with a commitment to innovation and growth, guided by a common purpose that aligns with our mission and culture."
The acquisition of VaaS comes about a year after Motorola bought Avigilon, a Vancouver-based maker of video-surveillance equipment and software, for $1 billion.
