ADT Acquires Half of Ackerman Security Account Base for $73M
Atlanta-based Ackerman joins the ADT Authorized Dealer Program and will exclusively sell and install ADT smart home security services to new clients.
BOCA RATON, Fla. — ADT (NYSE: ADT) on Wednesday announced it has acquired approximately half of Ackerman Security System’s existing customer accounts in a cash deal worth $73 million.
Under terms of the transaction, Atlanta-based Ackerman Security has joined the ADT Authorized Dealer Program and will sell and install ADT smart home security services to its new customers, according to the announcement.
No further details of the transaction were provided in the announcement.
In a company profile, SSI reported in 2018 that Ackerman Security staffs around 300 employees, serves 145,000 customers with revenues of $65 million including $4.4 million in RMR. The super-regional company now joins more than 200 independently owned and operated ADT Authorized Dealers and expands ADT’s reach in Georgia, Virginia and Maryland.
“As we are preparing to roll out our next generation of smart home products and services, ADT is well-positioned to leverage our capital, our partnerships and innovation to deliver smart home and commercial security solutions,” states Jim DeVries, president and CEO of ADT. “Ackerman Security is a great addition to our national network of high-quality, professional security providers.”
The relationship represents a significant opportunity for customers to upgrade to the latest ADT smart home products and services and extends ADT’s reach along the east coast, specifically in the fast-growing tech hub of Atlanta, the announcement states.
Ackerman Security was acquired in 2015 for undisclosed terms by Toronto-based private equity firm Imperial Capital and its partner OPTrust. As part of the transaction, Ackerman Security appointed Richard Perry as CEO. The sellers included private equity firms Bariston Partners and Sverica International, who bought out company founder Charlie Ackerman in 2005.
“ADT is a leader in home security and a trusted brand known for their commitment to excellence in service,” says Richard Perry, president and CEO of Ackerman Security Systems. “We are thrilled by the opportunity to join the ADT team and know that our subscribers will benefit from an enhanced customer experience that includes access to the latest innovations in smart home security.”
The transaction is said to build on strong recent residential demand trends and follows Google’s 2020 $450 million equity investment in ADT.
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