SeaView Video Technology set to buy competitor.
Source: Tampa Bay Business Journal
Date: 03/2000
SeaView Video Technology set to buy competitor.
A St. Petersburg company is positioning itself to be the biggest fish in the sea of underwater camera manufacturers.
SeaView Video Technology Inc., headquartered in Tierra Verde, is negotiating to buy Nature Vision Inc. of Baxter, Minn.
"They have a foothold with freshwater fishermen ... and have a greater presence in the market," said Rich McBride, president and chief executive officer of SeaView.
The Pinellas County firm manufacturers video systems that help fishermen find their catch in saltwater, while Nature Vision's Aqua Vu system is strictly freshwater.
"They (Nature Vision) have a good product with limitations," McBride said. "We have a lot of advancements and we can add to their product line, and they can add to ours."
Terms of the sale have not been finalized, McBride said. It would add an estimated $5 million in additional sales to SeaView.
"Both companies are poised for huge growth this year, and it saves us from spending dollars to capture the market," he said.
In another move to boost its presence in the video marketplace, SeaView is trying to lure former football coaching great Don Shula to serve as spokesman for its new SecureView video system.
McBride said SecureView is a video camera the size of a light bulb that fits in any light socket. It uses existing wiring to feed video to a monitor or computer screen.
"It's fascinating to see in action," McBride said. "You can set it up for motion and size in any viewing zone. When a camera sees movement, it generates an alarm, the picture frame flashes red and pops to the main view screen. I've got mine set to dial my cell phone, and I can access the system from any computer in the world."
With no cables to run, the system can save about 80 percent of the cost over typically wired installation systems, said SeaView national sales manager Larry Hoffman.
SeaView's possible acquisition of Nature Vision is seen as a strong boost to Pinellas County's growing reputation as a manufacturing center.
"Everybody thinks of St. Petersburg and Pinellas County as beaches, which it obviously is, but we have the second largest manufacturing sector in Florida here," said Mike Littmann, vice president of business assistance and government relations for the St. Petersburg Area Chamber of Commerce. "This is a good example of the hidden jewels and hidden gems we have here in St. Petersburg. This will increase productivity and sales for this business, and it will have a trickle down effect."
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