Securitas announced Monday it is acquiring STANLEY Security's electronic security businesses in Germany, Portugal, Switzerland, Singapore and India. The acquisition is aligned with Securitas' hope to double the size of its security solutions & electronic security business and expands Securitas' electronic security footprint and capabilities. The purchase price is estimated at $64 million.
The entities to be acquired provide an integrated electronic security offering to their clients, from design to installation and from maintenance to alarm monitoring - based on a complete portfolio of advanced security solutions such as access control, intrusion, video, fire and integrated systems. The business has approximately 580 employees in five countries through 20 branch offices out of which 11 are located in Germany.
The business also has two alarm monitoring centers, one in Germany and one in Portugal. Total sales of the in-scope business amounted to $85 million in 2019, mainly driven from installation sales, recurring monthly revenue and maintenance services.
"We are very excited to welcome the electronic security specialists from STANLEY Security to Securitas. Through this acquisition, we add significant electronic security expertise and deepen our capabilities in Germany, Switzerland and Portugal, while also establishing our first electronic security presence in Singapore and India. This is an important step forward to deliver high-quality electronic security services to our clients in key markets," said Securitas president and CEO Magnus Ahlqvist.
The acquisition is expected to close during the fourth quarter of 2020 pending regulatory approvals.