LOS ANGELES — In May of 2018, Arecont Vision filed for Chapter 11 bankruptcy protection with a plan to reorganize its business under new ownership.
The company signed a $10 million purchase agreement with a private equity firm, however, it then received a more lucrative offer from Texas-based Costar Technologies. After going to auction, Costar ended up the victor, purchasing the company for $12 million.
Fast-forward one year later, the company, now known as Arecont Vision Costar, has brought on numerous rep firms, made key hires, expanded corporate operations and now launched a new public website as it celebrates its first anniversary this month as a business unit of Costar.
“It’s been an exciting first year for Arecont Vision Costar,” says Shane Compton, chief engineering officer, Costar Technologies, and general manager, Arecont Vision Costar. “All aspects of the company are focused on the three main pillars of our business, which are product quality and reliability, customer service and support, and in delivering innovation in everything we do.”
Significant investment has been made in new technology to improve the customer experience and increase operational efficiency, including the implementation of a NetSuite ERP system, a customer support portal powered by Zendesk customer service software and an updated partner portal, according to the company. Throughout this process, Arecont Vision Costar says it has been integrating and leveraging the wider resources of parent Costar.
“Arecont Vision Costar is a key component of Costar’s ongoing strategic planning,” states James Pritchett, president and chief executive officer. “The leadership and team members of the new business unit have come together quickly and are already making a big contribution to Costar and to overall customer satisfaction. We expect the entire company will continue to grow and expand our business and manufacturing capabilities thanks in part to what has already been accomplished.”
Arecont Vision Costar recently expanded its corporate operations from a single headquarters and manufacturing facility in Glendale, Calif. to three new locations. Many headquarters functions moved to a new Collaboration and Development center about one mile from the original facilities in Glendale.
Manufacturing and warehousing operations were moved about 20 miles inland to the city of Duarte, Calif. When Costar added a new office facility located in Clovis in California’s Central Valley, Arecont Vision Costar opened a new Advanced Technology Center onsite. New showroom and demonstration facilities are also in planning.
Costar Technologies is a publicly traded corporation headquartered in Coppell, Texas. Costar designs, develops, manufactures and distributes a full range of products for the video surveillance and machine vision markets.
In addition to Arecont Vision Costar, the company operates four other businesses — CohuHD Costar, Costar Video Systems, Innotech Security and IVS Imaging. The combined Costar product portfolio consists of video surveillance system software, cameras, NVRs and recorders, monitors, lenses, cables and other electronic accessories with manufacturing in the United States and around the world.
The post Arecont Vision Costar Celebrates 1st Anniversary With Continued Investments, New Website appeared first on Security Sales & Integration.