Inovonics acquired by Roper Ind.
LOUISVILLE, Colo. - Roper Industries acquired Inovonics Wireless, a provider of wireless products for security monitoring and control, in late February for a total consideration of $45 million - a deal that allows Inovonics to expand its product line and its distribution channel.
But being under the ownership of publicly traded Roper, a diversified company that provides products and solutions for global niche markets, does not change the direction of Inovonics, which had been privately owned for 15 years.
Ã¢â‚¬Å“We feel we have the best of both worlds in that we are able to maintain our autonomy, location and management,Ã¢â‚¬Â said Andy Drenick, president of Inovonics. Ã¢â‚¬Å“We now have access to RoperÃ¢â‚¬â„¢s capital. And the company has facilities around the world and helps us focus on distribution.Ã¢â‚¬Â
Now, as part of RoperÃ¢â‚¬â„¢s portfolio, Inovonics has the opportunity to work in conjunction with other companies under RoperÃ¢â‚¬â„¢s umbrella, such as TransCore, a provider of RFID, mobile asset tracking and satellite-based communications, and automatic meter reading company Neptune Technology Group.
Ã¢â‚¬Å“More solutions and more products will be developed to customers in that market and those products will come from the ability to utilize our partner companiesÃ¢â‚¬â„¢ reach,Ã¢â‚¬Â Drenick said.
Inovonics, which accounts for 50 percent of its business within the security sector and employs 200, is the second company Roper has acquired with a presence in the industry, with TransCore being the first in December 2004.
Chris Hix, investor relations with Roper, said Inovonics is a strong addition to its security and radio frequency platforms.
Ã¢â‚¬Å“We like the technology Inovonics has and we like the security space,Ã¢â‚¬Â Hix said. Ã¢â‚¬Å“The company also naturally fits with the activity we have in our portfolio.Ã¢â‚¬Â
Hix also said the management team was an additional factor in sealing the deal.
Ã¢â‚¬Å“The reason we bought Inovonics was not just because of the product and the activity in security, but also because it is a well-run company,Ã¢â‚¬Â he said. Ã¢â‚¬Å“WeÃ¢â‚¬â„¢d like to continue to support their success.Ã¢â‚¬Â
For Inovonics, the deal represents an opportunity to meet larger goals now that it has access to capital via Roper.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re been privately owned and independently run for 15 years and weÃ¢â‚¬â„¢ve achieved a great deal of success,Ã¢â‚¬Â said Drenick, Ã¢â‚¬Å“but taking the company to the next level we needed to be acquired by a company like Roper."