Since launching its cloud-based video surveillance service five years ago, Eagle Eye Networks has signed thousands of customers, including big names like Facebook, McDonald’s, Holiday Inn Express and Pinkberry.
Now the Austin-based company is breaking into European markets with the acquisition of Panasonic Cloud Management Service Europe B.V., based in the Netherlands. Terms of the deal were not disclosed.
“They are they are by far the largest operator of cloud-based video surveillance in Europe, and Eagle Eye, we believe is the largest in North America, so it’s really a teaming up of two of the largest global players,” said Dean Drako, Eagle Eye founder and CEO.
“This gives them a big boost of technology and investment, and acts as a great launch pad for us into the European markets,” Drako said.
Eagle Eye, which has 100 employees worldwide, has received an undisclosed amount of funding from investors including Drako himself and Michael Dell.
Drako previously founded and took public Barracuda Networks, a California-based company that provides security, networking and storage products based on network appliances and cloud services.
While at Barracuda, Drako said he was frustrated by the available surveillance camera systems. “There was no cloud system, so I started a side project,” he said. “Eventually I realized it needed to be a separate company, so Eagle Eye was created.”
The company’s first user was Ballet Austin, and today its customers range from small businesses such as convenience stores, salons and franchise operators to large corporations including Uber and Indeed.com. In addition, it counts schools, police forces and government agencies as clients. Eagle Eye also has customers in Asia.
Drako said Eagle Eye’s biggest challenge is the $25 billion video surveillance industry itself. “It’s a very conservative, slower technologically adapting kind of business,” he said.
Today, most companies still rely on digital video recorders to store security video on the premises. Eagle Eye stores all video in the cloud. The company has eight global data centers, and with the acquisition of Panasonic will add two data centers in Europe.
“There’s a lot of concern about the cyber security of the cloud, and many are still of the mind it would be more cyber secure if it’s on my premise and I can look at it,” Drako said. “We’re doing a lot of education to explain that the data is better in the cloud. We encrypt the data, which is different than your traditional systems where the data isn’t even encrypted.”
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