Benzinga | Jul 13, 2021 12:17PM EDT

Motorola Solutions To Acquire Cloud Mobile Access Control Provider Openpath For Undisclosed Sum

* Motorola Solutions Inc (NYSE:MSI) agreed to acquire cloud-based mobile access control provider Openpath Security Inc.

* The financial terms of the transaction remain undisclosed.

* Motorola Solutions expects to close the transaction by the end of July.

* Openpath's solution makes businesses more secure with multi-factor authentication, enables a contactless entry experience, and can be easily scaled and managed due to its cloud-based architecture.

* This acquisition enables Motorola to combine the power of video security and access control, providing unprecedented situational awareness, where every physical entry and exit is authenticated and recorded with access control and video, Motorola CEO Greg Brown said.

* Motorola held $1.32 billion in cash and equivalents as of Apr. 3, 2021.

* Price action: MSI shares traded lower by 0.37% at $222.41 on the last check Tuesday.