Vigilant- intelligent digital video solutions (CCTV).

Globes [online].
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Vigilant Technology valued at £24.3m for AIM IPO

The security and surveillance technology company will issue 23,255,814 shares at £0.43 each.

Globes correspondent 19 Dec 05 11:55

Vigilant Technology Limited, which designs and manufactures sophisticated, “intelligent” solutions for the high-end CCTV security and surveillance market, has announced the pricing of its placing with institutional investors in connection with the listing of its ordinary shares on the AIM market of the London Stock Exchange.
The placing will comprise a total of 23,255,814 new ordinary shares at £0.43 each, representing approximately 41.1% of the company's enlarged issued share capital. The price values Vigilant at £24.3 million.

Gross proceeds of the placing will be £10 million. The company says it intends to use the cash to fund the expansion of its sales and marketing team to further its strategy of selling directly, under its own brand name, to systems integrators, dealers and distributors

Dealings in the company's shares will start on 20 December.

Shore Capital is acting as nominated adviser and broker to thecompany.

Sir Trevor Chinn, chairman of the AA, formerly chairman of RAC plc (previously Lex Service PLC), co-chairman of the Israel-Britain Business Council and member of the Tel Aviv University board of governors, is joining the board of Vigilant as chairman.

Vigilant CEO Moshit Yaffe-Blushinksy said, "We are delighted the placing has been so well received and welcome our new shareholders in Vigilant Technology. We are already an established player and technological leader in the rapidly growing high-end CCTV security and surveillance market. The placing and flotation on Aim will allow us and our shareholders to capitalize on the growing demand for Vigilant’s products against the backdrop of rising terrorism and other security concerns as well as increasing recognition of the role our products can play in crime prevention and detection.”

Yoram Segir and Adi Pinhas founded Vigilant Technology in 1999. Pinhas was a development engineer at Comverse Technology Inc. (Nasdaq: CMVT) subsidiary Verint Systems Inc. (Nasdaq:VRNT). Yorman Segir and his brother, Ronen Segir, each own 17.88% of Vigilant Technology, Pinhas owns 12.18%, Syntek Capital 27.38%, and Cilan International 4.18%. Sintek is also an investor in Vyyo Inc. (Nasdaq: VYYO). Yoram Segir is vice chairman of Vigilant Technology, Ronen Segir is VP R&D, and Moshit Yaffe-Blushinsky is CEO.

IVC Online says that Vigilant Technology has 36 employees and posted an estimated $5 million in revenue in 2004.

Vigilant Technology has sales, marketing and technical support centers in New York and London, and a research and development center in Tel Aviv.

Published by Globes [online], Israel business news - www.globes.co.il - on December 19, 2005