IR is building a network, one acquisition at a time
WOODCLIFF LAKE, N.J. - Ingersoll-Rand Security and Safety Solutions has announced yet another acquisition in the integrated security systems arena with its purchase of FX Technologies.
The Plymouth, Mich.-based company offers a one-source approach to security systems integration. What is key about this deal is FX TechnologiesÃ¢â‚¬â„¢ network expertise and ability to network a customerÃ¢â‚¬â„¢s existing business infrastructure with data and security management.
Ã¢â‚¬Å“Systems are becoming more and more simple to use, butÃ‚Â complexÃ‚Â behindÃ‚Â the scenes,Ã¢â‚¬Â said Jim Scott, president of Ingersoll-Rand Security and Safety Solutions. Ã¢â‚¬Å“Having increased skills throughout our organization for networking and management of these software technologies becomes critical.Ã¢â‚¬Â
The late April acquisition provides Ingersoll-Rand with a footprint in DetroitÃ¢â‚¬â„¢s greater metropolitan area. FX Technologies employs approximately 20 people, but despite its small size it developed a reputation for serving a number of blue chip customers.
Officials fromÃ‚Â FX Technologies declined to comment on the deal, but according to theÃ‚Â com-panyÃ¢â‚¬â„¢s website the business was started by Larry Matheson and Dale Riddell. The company was first known as Infographix, but changed its name to FX Technologies after it merged with Metro Security Technology in January 2002.
Scott said Ingersoll-Rand is retaining FX TechnologiesÃ¢â‚¬â„¢ employees. Its office will become a regional branch for IR and will transition to the Electronic Technologies Corp. name, or ETC.
Over the past two years, Ingersoll-Rand has made a number of acquisitions in the security market, all part of the companyÃ¢â‚¬â„¢s plan to increase its service-related business. In 2001, 16 percent of the companyÃ¢â‚¬â„¢s total revenue came from installation, service and after-market contracts, a number that grew to approximately 25 percent in 2003.
Ingersoll-RandÃ¢â‚¬â„¢s most recent acquisition involved Integrated Access Systems, a systems integrator with a manufacturing arm called Geoffrey Industries. A year prior ,Ingersoll-Rand bought Electronic Technologies Corp., a company that provided coverage throughout the United States with 33 offices.
Jack Mallon, managing director of Mallon Associates, said the acquisition is indicative of Ingersoll-RandÃ¢â‚¬â„¢s commitment to the security systems integration business.
Ã¢â‚¬Å“They look for quality companies. TheyÃ¢â‚¬â„¢re very selective in and discriminating in their choice,Ã¢â‚¬Â he said. Ã¢â‚¬Å“And, their focus is to reinforce parts of the country where they may be the weakest.Ã¢â‚¬Â
With ETC, Integrated Access and FX Technologies now combined, Ingersoll-Rand Security and Safety Solutions operates 33 service and sales offices in the U. S