Huawei completed the acquisition of Vokord, a Moscow-based security technology specialist, valued at $ 50 million. According to foreign media, the Chinese manufacturer will be interested in exploring its technical patents, as well as its research and development of facial recognition systems.
The public document says that the new family company will be operated by the subsidiary of China-based giant Hong Kong and Hong Kong, Huawei Digital Technologies Co. Some of Vokord's employees are being transferred directly to Huawei. The acquisition will give rise to a new company, called Igl Softlab.
Vokord has 20 years of experience in the development of surveillance cameras and software design. It currently has a team of 120 engineers and mathematicians. In its portfolio it has 11 patented equipment and six software patents. The company, a specialist in facial recognition, also works with video analytics, pattern recognition, video processing and enhancement, as well as automatic license plate identification. In 2017, the company's revenues were $ 1.75 million.