Lauraan Corp. begins trading, takes walk on acquisition trail
DALLAS - Home automation and security provider Lauraan Corp. began publicly trading in mid-November and hit the acquisition trail with plans to purchase three Syslync locations across the country.
Lauraan, which sells its products and services primarily to new homebuilders and also offers retrofit services, announced that is had acquired home technology provider Syslync of Georgia in May 2004. In late November, it signed a letter of intent to acquire another location - Syslync of Texas - and then one week later signed a letter of intent to acquire Syslync of North Carolina.
The letter of intent for the Texas location requires Lauraan to purchase all outstanding shares of the Syslync location and the assumption of its debt for Lauraan shares, which will be determined after completion of due diligence.
According to press releases, LauraanÃ¢â‚¬â„¢s recent acquisitions follow the companyÃ¢â‚¬â„¢s plans to develop into a national player in the home technology market and to develop $5 million in revenue in the following 12 month operating cycle.
Lauraan plans on continuing on its acqusition path to meet these goals of expanding quickly,Ã‚Â byÃ‚Â purchasing exisitng home technology and automation businesses in areas of high new residenitial construction. Officials from the company were not available to comment on the plans to Security Systems News as of press time.
Jason Freeman, president of the Dallas-based company, said in a prepared statement that the home technology market is expanding and the company is building a group to tackle the market as it expands to offer clients cost effective and high-quality home technology solutions.