Magnet Forensics Acquires DME Forensics, a Leading Video and Multimedia Evidence Solutions Company


WATERLOO, Ontario – (COMMERCIAL THREAD) – Magnet Forensics Inc. (“Magnet Forensics”) (TSX: MAGT), a developer of digital investigative software used globally by public safety organizations and companies, today announced the acquisition of DME Forensics Inc. (“DME”), a video and multimedia evidence solutions company.

DME was founded in 2012 by Jimmy Schroering, a former forensic examiner in the Audio, Video, and Forensic Image Analysis Unit of the United States Federal Bureau of Investigation. DME develops video and multimedia evidence solutions that are used by more than 900 public safety organizations in more than 80 countries for investigations into terrorism, civil unrest, homicides, property crimes, child exploitation and other crimes. DME’s DVR Examiner allows investigators to retrieve video evidence and metadata from digital video recording systems (DVRs) in a forensic manner. The acquisition will allow Magnet Forensics to integrate these capabilities into its digital forensics solutions and continue to sell Examiner DVRs through its own sales and distribution channels.

“Consolidating video evidence with other types of data is an important part of Magnet Forensics’ vision,” said Adam Belsher, CEO of Magnet Forensics. “We are building a comprehensive, analytics-powered digital investigation platform to help our clients identify and report critical evidence in a timely and accurate manner. DME’s video forensic capabilities further strengthen and expand our platform in this growing segment of digital investigations. ”

“We are delighted to join Magnet Forensics, a company that shares our values ​​and has demonstrated its ability to deliver quality products that contribute to global public safety,” said Schroering, who is also CTO of DME.

According to the International Association of Chiefs of Police, video evidence “can be as large as data from mobile devices, if not larger, and there are few tools available to reliably enhance and analyze video.” A Washington state-based municipal police department said it recovered 34,590 videos in 2019, up from 331 videos in 2013. Video evidence has escalated at such a staggering rate that a police department detective of Chicago recently estimated that 80% of all of the agency’s cases now involve its analysis.

“Public safety organizations often process various video formats during their investigations, and DME solutions allow them to consolidate and analyze their video evidence,” said Jad Saliba, Founder and CTO of Magnet Forensics. “The integration of EMR solutions with ours will continue to improve the efficiency of investigations at a time when the volumes of digital evidence increase dramatically. ”

Under the terms of the agreement, the US subsidiary of Magnet Forensics will acquire DME for an initial cash consideration of $ 6,750,000, plus a top-up of $ 2,250,000 over two years depending on the achievement of certain business-focused goals. ‘integration. Magnet Forensics will retain all current DME employees, including its current management team.

About Magnet Forensics

Founded in 2010, Magnet Forensics is a developer of digital investigative software that acquires, analyzes, reports and manages evidence from digital sources including computers, mobile devices, IoT devices, and cloud services. Magnet Forensics software is used by more than 4,000 public and private sector clients in more than 90 countries and helps investigators fight crime, protect assets and protect national security.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) relating to the acquisition by Magnet Forensics of DME Forensics Inc. (“DME”) and its solution offerings; the timing and value of any potential earnouts in connection with the transaction; the potential to provide customers with solutions to recover video and metadata evidence through DME’s DVR Examiner product; Integration of DVR Examiner with Magnet Forensics products; the retention status of DME employees and management; other potential benefits derived from the acquisition and offerings of EMR solutions; and other questions. These forward-looking statements involve risks, uncertainties, assumptions and other known and unknown factors that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by these forward-looking statements. statements. These factors include, without limitation, the expected future performance of the DME business based on its historical and projected performance as well as the factors and assumptions discussed in the section entitled “Summary of factors affecting our performance” in the documents. filed with the Ontario Securities Commission and other securities commissions in Canada, including the latest MD&A filed by Magnet Forensics. If such risks materialize, they could have a material adverse effect on our business, financial condition or results of operations. In this event, the price of our Subordinate Voting Shares could decline, possibly significantly. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans for the future. Readers are cautioned that this information may not be appropriate for other purposes. Unless otherwise indicated or as the context indicates otherwise, forward-looking information contained in this press release is provided as of the date of this press release and Magnet Forensics assumes no obligation to update such forward-looking information, whatsoever thereafter. new information, future events or otherwise, except as expressly required by applicable securities laws.


About Author

Leave A Reply