DUBLIN, Ireland — Allegion (NYSE: ALLE) has agreed to acquire IP access control manufacturer ISONAS through one of its subsidiaries for undisclosed terms. The transaction is expected to close early in the third quarter of this year, subject to customary closing conditions.
Boulder, Colo.-based ISONAS has edge-computing technology that provides innovative access control solutions for non-residential markets. The company’s intelligent devices — like its integrated reader-controllers — utilize power over Ethernet (PoE), making them easy to install and cost effective as they utilize existing customer infrastructures.
“By bringing ISONAS into the Allegion family, we’re adding a technology leader with solutions that align well with Allegion’s channel initiatives and add new access technologies to our portfolio,” states Tim Eckersley, Allegion senior vice president and president of the Americas region. “As Allegion continues to drive electronic adoption across our industry, we will also continue to offer more IP wall-based choices that add value for customers.”
Since its founding in 2000, ISONAS has accelerated growth, established strong customer relationships and built a network of certified integrators and committed distributors, according to an announcement. Allegion’s global presence, electronics expertise and channel relationships are expected to further expand the reach of ISONAS technology and increase its capacity for growth.
Following the closing of the transaction, ISONAS is expected to operate within Allegion’s Americas region. ISONAS generated approximately $6 million in net sales in 2017.
Allegion posted first-quarter net revenues of $613.1 million and net earnings of $72.2 million. The Q1 adjusted earnings came in at 80 cents per share, missing the Zacks Consensus Estimate of 84 cents. Adjusted earnings were up 9.6% compared to the same period in 2017.
