ROMEOVILLE, Ill. — With a goal of growing its national accounts business to more than $100 million in three years, Protection 1 has purchased a portion of Sting Alarm’s national accounts client base, the company announced today. Terms of the deal were not disclosed.
Protection 1 Chief Marketing Officer Jamie Haenggi tells SSI Protection 1 will take over the monitoring and servicing of about 2,500 sites.
“We acquired about 30 to 35 recognizable household names in food distribution, high-end retail, logistics and self storage,” she says.
Based in Las Vegas, Sting Alarm will continue to service about 1,200 national accounts, company president Jonathan Fine tells SSI. He declined to comment on the accounts sold to Protection 1.
“We came across a great opportunity and we took it. But we still have a big handful of national accounts clients and we’re still selling national accounts,” he says.
Founded in 2003, Sting Alarm provides its alarm monitoring and surveillance technology solutions to a client base that includes Las Vegas hotels and casinos, says Fine. The company also has about 2,500 residential accounts.
Protection 1 became heavily focused on growing its national accounts base after GTCR acquired the company last year. Though Protection 1 currently brings in $9 million yearly in national accounts, Haenggi is aware that the company is not known as a national account provider. However, that will change, she says, as the company has increased its national account managers from 12 to 40 since fall 2010.
“There is a real gap in the marketplace in terms of serving unique needs of national account customers,” she says. “As the second-largest security company with more than 65 branch locations, we can provide that service.”