CHARLOTTE, N.C. – Full-service security company Iverify, a provider of real-time remote security monitoring services, has purchased Trans-Alarm Security Services to provide a more comprehensive security product and service suites in the industry.
The strategic partnership will bring together the complementary capabilities of both companies under the Iverify corporate name, according to a press release.
Founded in 2002, Iverify provides remote security monitoring and life safety and property protection solutions supporting its nationwide customers. The firm has invested more than $25 million in professionals, processes and technology, projects that it will have more than 6.5 million touch-points with customers, including 4 million virtual guard tours, over 1 million event responses and almost 1.5 million employee escorts in 2014.
Established in 1966, Trans-Alarm provides design, installation and service for residential, commercial and industrial building security. Each system is customized through the application of intrusion alarms, fire and sprinkler alarms, card access control, elevator, equipment monitoring, closed circuit television, locking hardware and photo identification badging.
The Burnsville, Minn.-based company also offers monitoring services through its UL Listed, CSAA Five Diamond Certified central station, and also provides access to a network of more than 400 installers.
Iverify CEO Sean Forrest will remain chief executive of the combined firm, and Steve Champeau, CEO of the former Trans Alarm, will be president of the new organization.
The combined operations will be based in Charlotte, N.C., and will keep Trans-Alarm’s Burnsville, Minn.-based facility fully operational. The two monitoring centers of the new organization will serve as fully capable, redundant back-up sites for one another.
“This merger provides a sharper competitive edge and significant growth opportunities, enabling us to considerably expand our target market to bring our valuable loss prevention services and customized security solutions to a much broader range of customers,” Forrest says.
Meanwhile, Securitas Security Services USA announced that it now has a 24% ownership position in the combined operations of the two companies.
“Iverify and Trans-Alarm are a perfect match,” says Securitas Security Services USA CEO Santiago Galaz. “They are both customer service driven leaders in their industry and deliver complementary services to the marketplace.”
Driehaus Private Equity served as Securitas’ co-investor in this transaction. Galaz expects the collaboration with Driehaus Private Equity to help drive Iverify’s continued success.
“Driehaus has a proven track record in business development and we are excited to be working with them,” Galaz says. “We fully expect their entrepreneurial spirit will be an asset with what is clearly a rapidly growing business.”
Galaz says that in addition to strengthening Securitas’ competitive position in the U.S. as an integrated security solutions provider, it will also enable the company to execute a strategy that will allow it to create alternatives given the implementation of the Affordable Care Act.
“We welcome the collaboration,” Galaz says, “and the long-term value it will bring in creating effective and cost-efficient solutions for our customers.”
The PrivateBank provided Iverify with debt financing, while Raymond James & Associates, Inc. served as advisor to Trans-Alarm.