HARRISBURG, N.C. — ASSA ABLOY has signed an agreement to acquire KEYper Systems, a leading supplier of electronic and mechanical key management systems in the United States.
Terms of the transaction were not disclosed.
Based here, KEYper Systems manufacturers key storage systems and key management, padlock management for “lock out/tag out” procedures, and asset control of equipment. The company offers multiple products and key storage systems that utilize a key box to manage and control keys.
Established in 1993, KEYper Systems will become a separate business unit of Traka, a leading global provider of key and asset management, and an operating unit of ASSA ABLOY Global Solutions.
“KEYper’s product range and expertise, especially in the U.S. automotive and property management market segments, will complement Traka’s extensive product range and specialist solutions in key and asset management solutions globally,” Justin Sasse, managing director of Traka, explains. “This acquisition will allow us to leverage Traka’s technology to further develop KEYper’s offering to its existing customers and widen the product range globally for Traka in all of our market segments.”
Ric Stone, president and CEO of KEYper, will remain with the company and report to Sasse.
“I am very pleased to be joining Traka and ASSA ABLOY. KEYper will be able to accelerate its product and market development and is looking forward to engaging with the wider Traka and ASSA ABLOY organization to share knowledge and expertise,” Stone says.
KEYper Systems has approximately 25 employees. The company’s sales for 2019 are expected to reach about $22 million and the acquisition will be accretive to earnings per share (EPS) from the start, according to an announcement.
The acquisition is conditional upon satisfaction of customary legal conditions and is expected to be completed during the first quarter of 2019.
