The decade-old company has had some notable success to date, with its initial public offering pulling in $115 million. Former BlackBerry chairman and CEO Jim Balsillie chairs Magnet Forensics’ board of directors and was the company’s first investor. The video forensics capabilities of DME further strengthen and broaden our platform in this growth segment of digital investigations.”įounded in 2010, Magnet Forensics is a team that includes a number of former BlackBerry employees, including Belsher who served as vice president of Verizon Business at the company. “We are building a comprehensive digital investigation platform, powered by analytics, to help our customers identify and report on critical evidence in a timely and precise fashion. “Consolidating video evidence with other data types is an important component of Magnet Forensics’ vision,” said Adam Belsher, CEO of Magnet Forensics. The startup also plans to continue to sell DME’s DVR product through its own sales and distribution channels. Kitchener-Waterloo-based Magnet Forensics said the acquisition allows it to integrate DME’s tech capabilities into its own digital investigation solutions. The technology compliments Magnet Forensics’ quite well, as the company’s software acquires, analyzes, and shares evidence from computers, smartphones, tablets and IoT-related devices. Usages of the software span investigations of terrorism, civil unrest, homicide, property crimes, child exploitation, and other crimes. DME’s employees and management team are set to stay on and become part of Magnet Forensics.ĭME is a startup itself, having been founded in 2012 by Jimmy Schroering, a former forensic examiner for the United States Federal Bureau of Investigation’s Forensic Audio, Video and Image Analysis Unit.ĭME develops video and multimedia evidence solutions, including one that allows investigators to recover video and metadata evidence from digital video recorder systems (DVRs) in a “forensically sound manner.” The technology is used by more than 900 public safety organizations in over 80 countries. The deal consists of up-front cash consideration of $6.75 million, plus a $2.25 million earn-out over two years based on the achievement of certain integration-focused targets. Magnet Forensics is acquiring DME under its United States affiliate. The purchase marks Magnet Forensics’ first since it went public on the Toronto Stock Exchange (TSX) in April and third acquisition overall. Share on: Twitter LinkedIn Facebook Emailĭigital investigation software startup Magnet Forensics has acquired United States-based video and multimedia evidence solution company DME Forensics in a deal worth $9 million.
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