Yesterday, Tyco International Ltd. announced that its ADT Security business had reached an agreement to acquire FirstService Security, a division of FirstService Corporation for approximately $187 million.
FirstService Security -- ranked as No. 7 on SDM's 2007 Top Systems Integrators Report (http://www.sdmmag.com/CDA/Articles/Cover_Story/BNP_GUID_9-5-2006_A_10000000000000132943) -- operates under the Security Services & Technologies (SST) brand name in the United States and under the Intercon Security brand name in Canada.
FirstService Security is a leading commercial security systems integrator and provides a full range of integrated security systems services, including design, engineering, installation, servicing and monitoring of access control, closed-circuit television and intrusion systems.
The business had revenues of more than $200 million during the last 12 months and employs approximately 2,400 people with 17 offices in the U.S. and Canada.
“This is an important strategic acquisition that expands and complements the advanced systems integration expertise ADT offers our commercial customers,” said John Koch, president of ADT North America. “Commercial sales represent the largest component of our business and FirstService Security strengthens our presence and provides growth opportunities in key vertical markets such as banking and energy.”
The transaction is expected to close as soon as practicable following receipt of required regulatory approvals and satisfaction of other customary closing conditions.
