Tek84 Inc. Announces Acquisition of Strategic Stake in Videray Technologies
Tek84 Inc., a global leader in high technology imaging and security solutions, today announced that it has made a significant strategic equity investment in Videray Technologies, Inc. Tek84 has also provided working capital funding to Videray, via a convertible note, to fund growth and expansion. In addition, Tek84 President Kevin Russeth has been appointed to the Videray Board of Directors while Videray Chief Executive Officer and founder Paul Bradshaw will continue to lead the company.
Boston-based Videray is the world leader in building and designing miniaturized handheld x-ray imaging devices for customs and law enforcement applications around the world. The transaction will immediately expand Tek84’s product suite to include portable scanning devices for packages, vehicles and containers that may conceal weapons or contraband.
Videray Technologies’ patented handheld x-ray scanners can render high resolution images of potential security threats through most material in seconds. The security detection market is expected to reach $3.2 billion by 2023, according to company estimates. Videray’s technologies also have potential industrial and commercial uses, such as oil and gas pipeline inspection, boat hull damage assessment and other non-destructive testing (NDT) applications.
"Together Tek84 and Videray offer law enforcement customers an unmatched array of security solutions using advanced imaging techniques, providing additional safety for governments, business and people," said Steven W. Smith, Ph.D., Tek84 Chief Executive Officer.
Mr. Russeth added: "This agreement joins two pioneering American companies with complementary and synergistic technological expertise in the field of x-ray inspection for the security industry. It also creates a broader platform to explore other niche markets in NDT and medical imaging and provides the companies with a presence on both coasts."
"The Videray team is excited to work alongside Tek84," said Mr. Bradshaw. "In addition to our complementary skill sets, we share the same passion and goals for product quality, performance and ultimately making the world a safer place."
The two privately held companies did not disclose financial terms.
Videray Technologies offers an array of handheld x-ray scanning solutions optimized for a variety of market verticals. Their flagship product, the PX1, is designed to detect weapons, explosives and other contraband through any obscurant at greater depths than conventional handheld scanners. Patented optic technology enables automatic enhancement of images for better inspection results. Founded in 2018, the company has sales in more than 60 countries. Learn more at www.videray.com.
Tek84 is a pioneer and global leader in high technology imaging security solutions. For three decades, our engineers have developed and manufactured body scanners for screening both the general population and high-risk individuals. We developed the world’s first body scanner and today we help secure borders, critical infrastructure, airports, embassies, courthouses and local, state and federal correctional institutions. Our customers worldwide rely upon Tek84 technology for safety and security, including U.S. Customs and Border Protection, U.S. Federal Bureau of Prisons, U.S. Department of Homeland Security and the State of Israel. Tek84 also conducts research and development for U.S. government agencies, including the National Institutes of Health, National Science Foundation, Department of Energy, Counter Terrorism Technical Support Office, U. S. Secret Service and Israeli government. Tek84 is headquartered in San Diego, California. Please visit us online at www.tek84.com