Minuteman acquires in N.H., sets sights on N.Y.
ANDOVER, Mass.—Minuteman Security Technologies has acquired Concentric Security Resources of Manchester, N.H., bringing the regional systems integrator “an anchor” in New Hampshire, technical talent and some major health care customers.
“The big client they brought is Dartmouth-Hitchcock health care system, which has six hospitals and 10 health care sites,” Minuteman CEO Joseph Lynch told Security Systems News.
Minuteman acquired Concentric from Black Diamond Consultants. Lynch declined to discuss terms of the deal.
Minuteman has 48 employees and is hiring. “We add people every week,” Lynch said. The company did $13.5 million in revenue in 2014. Lynch expects the company to post $16 million in revenue in 2015 and projects revenues will increase to $23 million in 2016.
“It's another big step for us,” he said. “We’ve got pretty good reach all over New England, now we’ll go to Albany [NY],” he said. Lynch said Minuteman is starting to pick up some customers in upstate New York.
In addition to its headquarters here and its new office in Manchester, N.H., Minuteman has an office in Enfield, Conn., and Portland, Maine. Its main vertical markets are health care, higher education and municipal government.
In October, Minuteman signed a deal to sell Stanley health care security products, which include an infant abduction security system, a system that helps prevent patients from wandering off site and other technology that keeps track of hospital equipment. Hospitals “have budgets that are razor-thin in overhead and these kinds of systems help with that efficiency,” Lynch said.
Transportation is another major vertical for Minuteman. About 40 percent of 2015 revenues will come from Minuteman’s software development division, which last December launched TransitSentry. The software is used by the MBTA in Massachusetts and Lynch is in talks with “three other major cities about the product.”
Lynch said the TransitSentry product is built with internal self-healing tools. “End users are looking at 99.96 percent uptime. That’s how reliable it is,” Lynch said. He has a patent pending on the product.
With revenues expected to surpass $20 million in the next year, is Minuteman making any internal changes to support the growth? Lynch said yes.
He said he’s “starting to put some of those management layers in to enable us to take the next step.”
In addition to personnel changes, Minuteman installed a new ERP system at the beginning of 2015. “That was really important, from CRM to proposal generation, project management, billing and dispatch services … that was a major improvement in our operational efficiency,” Lynch said.