Battery Ventures, a tech-focused investment firm, has agreed to acquire Physical Security Business Unit, part of the security division of Nice Systems, a vendor that focuses primarily on the financial services industry.
Specific terms of the deal were not disclosed, though Battery said it could be valued at up to $100 million. Battery operates as both a venture capital and private equity firm.
The Physical Security Business Unit provides tools to analyze security video for security risks to a variety of businesses, including banks. Battery said in its release that it plans to add to the security services PSBU offers through more "strategic acquisitions."
"There are great opportunities to grow PSBU into a stronger and more influential player in the market by offering new solutions, targeting new market segments and serving a broader range of customers," said Battery Ventures partner Jesse Feldman in the release. "In conjunction with the PSBU management team, Battery's financial backing will help the new company capture those opportunities."
The current general manager of PSBU will stay on as the company's inaugural president, while Battery executive-in-residence Adam Markin will serve as chair to the newly independent company.
PSBU will be based in New Jersey, maintain its research and development facility in Israel, and have additional offices in London and Singapore.