Canadian company Patriot One Technologies has agreed to acquire video threat recognition software firm EhEye.
Under the definitive acquisition agreement, Patriot One will purchase 100% equity interest in EhEye in consideration of the issuance of 1,636,363 common shares of Patriot One to the existing shareholders of EhEye.
The transaction will see EhEye’s video threat recognition software join Patriot One’s PATSCAN covert weapon detection system.
The video threat recognition sensors automate the detection of weapons, disturbances and suspicious behaviours through existing camera infrastructure.
The technology integrates computer vision techniques with machine learning for artifact recognition in order to employ deep learning architecture to alert security teams about abnormalities that a standard video system cannot identify.
Patriot One Technologies chief executive officer and president Martin Cronin said: “We are very pleased to welcome the EhEye team into the Patriot One family.
“Their award-winning threat recognition software will integrate into our client’s existing video camera networks offering a first line of defence to detect active shooters or terrorists approaching a venue with weapons drawn.
“It will also offer an additional layer of detection inside buildings to track threats and even identify irregular disturbances or physical altercations between individuals.”
Currently, the video recognition sensor technology is in its late stage of pilot testing. The solution is an artificial intelligence-based system that has been developed to improve weapon detection, disturbance recognition and ongoing accuracy once deployed.
Patriot One intends to begin commercial deployment of the PATSCAN VRS system to select customer sites followed by distribution to its security system integrator network in the first quarter of next year.
The transaction is subject to a number of standard closing conditions, including any required approvals of the TSX Venture Exchange.