TORONTO — Avante Logixx (TSX Venture: XX) has acquired all of the outstanding shares of Veridin Systems Canada, a systems integrator with a nationwide commercial client base.
Based in Mississauga, Ontario, Veridin’s portfolio includes security systems, video surveillance, video alarm verification and analytics, and alarm monitoring. Avante management expects that the acquisition will have an immediately accretive financial impact, according to a press release. Avante plans to leverage the collective networks of both companies to grow business focused on multisite national accounts.
Veridin was recognized as an SSI Top 75 Global Leader in Integrated Physical Security Systems in 2017.
“I am thrilled to welcome Veridin, its CEO Colin Doe, and his team to the Avante platform. Veridin represents our first true strategic transaction as we leverage our platform to provide exceptional solutions to commercial and national accounts,” says Craig Campbell, CEO of Avante Logixx. “Veridin has a very strong reputation and excellent long-term customer relationships and has realized significant revenue growth as a leading provider to the cannabis sector.”
As Avante continues to expand this service offering, Veridin’s access to tightly controlled product lines will be strategically important to Avante’s ability to compete for and service enterprise-level accounts, the announcement states. Veridin generated approximately $5 million of revenue in the past twelve months for the period ended Sept 3.
Veridin CEO Colin Doe will remain as president of Veridin. Pursuant to the agreement, a portion of the purchase price was met with the issuance of 1.19 million common shares. The shares have a value of $500,000 based on the volume-weighted average trading price of the shares on the TSX Venture Exchange for the 10-trading day period ended September 14.
The deal for Veridin follow’s Avante Logixx’s purchase in August of Watermark Security, a family owned security systems integrator operating out of Port Carling, Ontario. The company provides services which include integrated alarm and video systems installations, guard response, property management and cottage property checks to a base of clients in the Muskoka Lakes region.
