Hikvision Signs

Memorandum of Understanding with Prama Technologies to Establish Joint Venture in India

Oct. 22, 2008 – Hangzhou, China Hikvision Digital Technology Co., Ltd., the leading supplier of digital video surveillance products with the headquarters in China, today announced that it has signed joint venture MOU (memorandum of understanding) with Ashish P. Dhakan, president of Prama Technologies, to establish a joint venture in order to further enhance the penetration in the booming Indian security market.

Prama Technologies has been Hikvision’s authorized distributor of H.264 Embedded DVRs, compression cards and other CCTV products in India since 2004.

Following this memorandum, Hikvision Digital Technology and Dhakan will sign joint venture agreement, and the Joint Venture will be officially effective by the beginning of 2009 after legal procedures. Prama Technologies will then be terminated after that.

This Joint Venture will represent Hikvision in Indian market, and solely target to provide better pre- and post-sales support, as well as to collaborate with local distributors and partners. This action not only shows Hikvision’s determination to further cultivate Indian security market, but also to enable the customers to buy Hikvision’s product locally and get access to technical support promptly.

“This is Hikvision’s first overseas joint venture," said Andy Shen, Hikvision’s India regional sales manager. "The joint effort will definitely help us satisfy the customers’ needs and further penetrate into security surveillance market in India."

Ashish Dhakan said: “We believe this joint venture company will facilitate Hikvision to serve the current and future customers all across India -- especially in providing better local sales and technical support.”

“Not only will this joint venture help us better serve our customers and expand the business in India, it will also benefit us to consolidate our leading position in CCTV security sector in this booming market,” said Yangzhong Hu, president of Hikvison.

About Hikvision
Hangzhou Hikvision Digital Technology Co., Ltd., the leading supplier of digital video surveillance products with the headquarters in China, has three decades of experience in research and development of video technology.

From A/V Compression Boards, Embedded Net DVRs and Multi-purpose Digital Video Servers, to networked front-end products such as IP Cameras and IP Speed Domes, Hikvision provides the most advanced H.264 solution for digital surveillance industry based on its owned patented algorithms.

With 1200 employees located all over China and around the world, in which 400 are R&D engineers, Hikvision has expanded the business from China to worldwide. The dynamic growth has made the company awarded three years in a roll by Deloitte as Top 50 High-tech Fast-growing Enterprise in China, as well as Forbes’ Most Potential SMEs in China (No. 4 in 2008). 

For more information, please visit our website at www.hikvision.com.