Security Networks buys a ticket northward
WEST PALM BEACH, Fla.Ã¢â‚¬â€Consistent with the companyÃ¢â‚¬â„¢s growth strategy, Security Networks acquired Tri-State Alarm Company, a full-service installation company, for $17 million and increased its reach across the East Coast.
Security Networks purchased Tri-State Alarm in late July at a public auction conducted by Safe Financial, which had foreclosed on the companyÃ¢â‚¬â„¢s loans. Tri-State, based in Broomall, Pa., has more than 13,000 residential customers in Philadelphia and southern New Jersey.
Ã¢â‚¬Å“We are interested in major markets and we have had our eyes on this for some time,Ã¢â‚¬Â said Richard Perry, president and chief executive officer at Security Networks. Perry said Tri-StateÃ¢â‚¬â„¢s 40 employees will not be affected by the deal and will increase his companyÃ¢â‚¬â„¢s headcount to approximately 120.
The acquisition brings Security Networks north of its headquarters, located here, and farther up the East Coast than it had previously been. The company also operates regional offices in Kissimmee, Fla., and Charlotte, N.C.
Perry said he is open to any purchase that will widen the companyÃ¢â‚¬â„¢s reach and increase its revenue. The companyÃ¢â‚¬â„¢s business plan states recurring monthly revenue should reach $2 million within five years.
Security Networks is now experiencing one third of that, Perry said.
This is the second deal for the company this year. In April, it acquired wholesale central station Marlin Central Monitoring for an undisclosed amount.