Pinnacle Security Sells 24K Accounts to SAFE Security
SAN RAMON, Calif. — SAFE Security has purchased roughly 24,000 accounts from summer sales model company Pinnacle Security for an undisclosed amount.
The deal brings in $1.1 million of recurring monthly revenue (RMR) for SAFE, which provides monitoring services, installation, maintenance and other related services to homeowners and businesses nationwide. In addition to installing alarm systems, the company purchases, finances and serves residential and commercial security alarm monitoring contracts.
“The transaction fits very nicely into our national footprint,” SAFE President and CEO Paul Sargenti says. “The acquisition, in conjunction with SAFE’s robust dealer program, provides cash flow to optimize and execute SAFE’s growth strategy.”
More than 90% of the newly acquired accounts, which were created between 2008 and 2010, use Alarm.com communications services, according to a news release. To better serve the accounts as well as increase operating efficiencies, the company moved its UL-approved central station to corporate offices in San Ramon. The move also involved an upgrade to monitoring and subscriber management software and enhancement of monitoring hardware.
The latest news comes on the heels of Protection 1’s announcement last week that it had acquired certain proprietary IT assets from Pinnacle. Last fall, Monitronics purchased roughly half of Pinnacle’s customer base of 93,000 accounts.
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