Tyco to Make $100 Million Wireless Acquisition
Tyco International Ltd., Schaffhausen, Switzerland, announced that it reached an agreement to acquire Visonic Ltd., a global developer and manufacturer of electronic security systems and components, for approximately $100 million in cash. The acquisition will strengthen the wireless product and technology portfolio and market presence of the Tyco Security Products business in the intrusion security market, according to Tyco in a press release.
Visonic is a provider of advanced wireless technology for the security industry. The company’s recently introduced PowerG wireless communications technology offers increased communications range and 128-bit encryption to secure communication between wireless sensors/detectors and panels. The PowerG technology builds on Visonic’s PowerCode technology that is in use in more than 1 million wireless installations around the world. The business has annualized revenues of more than $75 million.
“The acquisition of Visonic strengthens the technology capabilities in our intrusion security portfolio and will enable us to enhance the solutions we can offer to our residential and commercial customers,” said Mark VanDover, president of Tyco Security Products. “Visonic is an established leader in wireless security technology and its strong presence in the European security market complements Tyco’s strength in the North American market.”
Visonic is headquartered in Tel Aviv, Israel, with a manufacturing center in Kiryat Gat, Israel. The company is active in more than 100 countries, with a strong presence in Europe, Middle East and Africa.
The transaction is expected to close later this year and is subject to customary closing conditions.
“I am excited about the potential addition of Visonic to the Tyco Security Products portfolio. Not only are we looking forward to the day when we can welcome new customers into our community, but this acquisition will strategically support our mission of offering broad-based, best in class security solutions to new and existing customers around the globe,” VanDover added. “We believe that Visonic’s values are extremely complementary and very closely aligned to those of Tyco Security Products. Both Visonic and Tyco Security Products are proud of our dedication to quality, integrity and an unparalleled focus on our customers. We look forward to the opportunity to continue to offer customers everything we do today and much more. “