ASG Security has completed the purchase of the Mid-Atlantic operations of NetVersant Solutions LLC, a national provider of converged technology services, including electronic security, telephony and structured cabling.
Financial terms of the agreement were not disclosed, but ASG officials said the deal includes about 20 sought-after accounts in the government, commercial, public works and education sectors.
The acquisition will add more than 20 employees to ASG’s existing Baltimore/Washington D.C. operations, including integration technicians and sales consultants.
“Our existing Baltimore branch has a tremendous integration capability already. This really just helps enhance and make it very well rounded in fire, card access, CCTV, burg – all the channels,” ASG CEO Joe Nuccio tells SECURITY SALES & INTREGATION.
Among the notable clients attained in the deal, ASG will now provide access control and video surveillance services for an expanding Northrop Grumman campus, plus work for the U.S. Army and government agencies at the state and local level.
“We expect to increase our revenue in Baltimore/Washington D.C. on the commercial side probably 30 percent with this transaction,” ASG CFO Ralph Masino tells SSI.
Houston-based NetVersant filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court’s District of Delaware in November 2008. According to court documents, the company at the time had fewer than 50 unsecured creditors, which it owed between $100 million and $500 million combined.
Most of NetVersant’s debt was dismissed during the company’s bankruptcy proceedings, which concluded Jan. 6 after funds managed by New York-based Patriarch Partners LLC – NetVersant’s largest lender – purchased the company assets. A $3 million settlement included in the purchase price went to the company’s unsecured creditors.
A NetVersant representative was not immediately available to comment on the deal with ASG.
ASG services more than 125,000 residential, commercial and government customers throughout Texas and the Mid-Atlantic region.
