Investing.com -- Shares in TASER International Inc (NASDAQ:TASR) rose nearly 3% on Tuesday, after the global leader in digital evidence management and body-worn video reached an agreement to acquire Virginia-based MediaSolv Solutions in a deal valued at approximately $8 million.
The addition of MediaSolv, a leading solutions company for interview room video, CCTV and on-site and in-car evidence management is expected to broaden Taser's digital evidence gathering capabilities. MediaSolv's wide array of prominent clients includes police departments in Chicago, Philadelphia and Toronto and four additional major cities. The merger will boost Taser's existing digital portfolio to agencies in 23 major metropolitan markets.
"MediaSolv and Taser share the vision of delivering innovative products to our customers," MediaSolv CEO Jim Weaver said in a statement. "We're excited to join the TASER team so we can partner together to solve the challenges agencies face when managing their digital evidence."
The transaction includes the potential for up to $5 million in earn-outs and relocation payments for MediaSolv employees, which could raise the acquisition to up to $13 million.
"Jim and the MediaSolv team have built something greatly admired by their customers," Taser CEO Rick Smith said in a statement . "Together, we will accelerate our efforts to deliver the leading solution for end-to-end digital evidence management for law enforcement. Our shared customer passion underscores our commitment and we're looking forward to welcoming the MediaSolv team to Taser."
Founded in 1993, Taser said on its website that it has saved more than 145,000 lives over the last three decades with its electrical weapons and body-worn cameras.
Shares in Taser gained 0.9 points or 2.67% to 34.60 on Tuesday, before gaining another 0.58% in after-hours trading.