ADT to Purchase Devcon Security for $148.5M
BOCA RATON, Fla. — ADT Corp. announced today that it plans to acquire Hollywood, Fla.-based Devcon Security for $148.5 million.
The deal, the first since ADT spun off from Tyco Int’l last year, will bring in 117,000 accounts and $3.6 million in recurring monthly revenue (RMR), South Florida Sun-Sentinel reports. The firm expects the transaction to close in early August.
“In addition to the solid characteristics of the Devcon customer base, we are excited to add Devcon Security’s seasoned sales force and distribution capabilities as well as their highly competent management and operating teams,” ADT CEO Naren Gursahaney says. “We operate in a highly fragmented industry and over time expect to see additional M&A opportunities, like Devcon, that could represent value-added enhancements to our organic growth.”
SSI continues to report on this story.
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