Security Networks is acquiring
WEST PALM BEACH, Fla.--Security Networks acquired 2,000 accounts and upped its annual RMR by $57,000 when it acquired the assets of Ft. Lauderdale-based Central Security Systems. Terms of the deal were not released.
"It's a carriage trade alarm company that's been around for more than 20 years, a classic strong local security company that provided high quality installations and had high-quality accounts," said Rich Perry, chief executive officer of Security Networks.
In addition, the company "lies directly within our footprint, making it a very accretive deal," he added.
Central Security had a central station, which it shut down, and the migration of the 2,000 accounts to Security Networks' central station was completed on the day it closed. Sixty percent of the accounts are residential and 40 percent are commercial.
Former owners Robin and Jim Currie are retiring. "We were ready to get out of the business. We had several offers, but Security Networks came to the table with a really good offer very quickly," said Robin Currie.
Security Networks has several other potential acquisitions in the pipeline, said Rich Perry.