On Feb. 23, Monitronics International Inc., Dallas, acquired LiveWatch Security, LLC, Evanston, Ill., a Do-It-Yourself (DIY) home security provider offering interactive and home automation services for approximately $67 million. With over $900,000 of recurring monthly revenue, LiveWatch provides professionally monitored security system services to over 32,000 customers across all 50 states and Puerto Rico.
In conjunction with this transaction, Monitronics has expanded its revolving credit facility by $90 million. The transaction was financed with debt under the expanded revolver and cash from Ascent, which owns Monitronics. Ascent Chairman and CEO Bill Fitzgerald stated the acquisition will help Monitronics to continue expanding its service offerings and distribution channels.
When asked about the acquisition, Monitronics chief executive officer, Michael Haislip, commented, "We are excited to have acquired LiveWatch, an established player in the rapidly expanding DIY space, a compelling channel that we have long been interested in entering. LiveWatch provides Monitronics with innovative and diversified account generation potential that, over time, can be expanded into adjacent product and service offerings beyond traditional home security monitoring."
Brad Morehead, chief executive officer of LiveWatch, added, "The home security industry is experiencing a rapid technological evolution and we believe that we are at the forefront of that change. Partnering with Monitronics, a well-respected industry leader, will enable LiveWatch to accelerate its innovation, leverage scale opportunities, and enhance the overall customer experience." LiveWatch will operate as a standalone subsidiary of Monitronics.