HSM Marks Year of Independence With Expansion Plans
Nearing its first year as an independent company separate from Honeywell, Honeywell Security Monitoring (HSM) is enjoying increased revenues and continues to pursue a “controlled” growth plan. In the nine months after its break-off from Honeywell last June, HSM reported revenues of $125.5 million, compared to $118.7 million from the nine months before. It has acquired 12,000 new customers and earned $1 million per month in new sales since becoming a standalone company according to a new profile of the firm published in the Chicago Daily Herald.
Honeywell sold off its monitoring unit last June 28 to private equity firm Golder Rauner LLC. Since then, HSM has moved its headquarters from Minneapolis to the Chicago suburb of Lisle and added industry veteran James Covert as CEO. Covert was inducted in April into the SSI Hall of Fame.
HSM President and COO Tim Whall told the Herald that HSM will double its workforce in its second year. “We currently have about 49 facilities in 32 states and about 900 employees. Over the next year, we plan to add one sales representative to each of our officers,” Whall said. “We want to be the preferred security company.”
Whall added video monitoring has been getting the most attention from HSM customers, including their eData Manager that allows HSM customers to have real-time access to security data.
HSM will launch new services by September that will allow its clients to access billing information and track installation progress online. “If a store is opening in June, a customer can log onto his account and see the expected date of the completion of our work and what we’ve done so far, such as install wiring,” Whall said.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!