Wednesday, December 24, 2008

New Company Formed from Integrian Assets

Integrian, the Morrisville maker of digital-video equipment that went out of business last month, has been revived from the ashes.
A company formed by upstate New York business executive James T. Matthews announced today that it has purchased the assets of Integrian, including its intellectual property.

The new company, Digital Safety Technologies, has rehired about 55 former Integrian employees.

"We are going to step in here and salvage jobs for ... people in this area," said Roger Lucas, president of the new venture, now called Digital Safety Technology. He is the former vice president of operation for Visara International, formerly known as Memorex Telex.

Integrian had 80 or so employees who were laid off late last month when banks that were owed money took control of the business, Lucas said.

"They had liens against all the assets and the intellectual property," he said.

Integrian produced digital-video equipment for police cruisers and transit systems. Founded in 1999, it raised about $60 million in funding from investors that included venture capital firms Intersouth Partners of Durham and Wakefield Group, which has an office in Chapel Hill.

Lucas declined to disclose the price paid for Integrian's assets but said "it's not anywhere near" $60 million.

Digital Safety will continue to produce video equipment for law enforcement agencies, but not for transit systems.

Lucas said the company won't pursue the transit market because there are "many problems" with Integrian's product.

He acknowledged that Integrian's police systems have had their problems, as well, but said Integrian had hired a new engineering department about six months ago that has resolved those issues.

"We are confident that the product going forward will be much better than in the past," he said.