Canon to buy network video camera maker Axis

Canon is planning to buy Swedish security camera maker Axis Communicationsamid slumping demand for digital compact cameras. The tender offer is worth about ¥333 billion (US$2.8 billion) and has been approved by the three largest shareholders in Axis, Canon said Tuesday. Canon already makes its own security cameras, but with Axis it will gain a broad range of IP-based video surveillance products and an open application platform for third-party app development. Cameras make up nearly 40 percent of Canon’s sales, but as smartphones have damped sales of digital compact cameras,…

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