MYTEC SELLS MONITORING UNIT TO CHUBB SECURITY
Mytec Technologies Inc., a provider of biometric security technologies, announces it has sold Counterforce Inc., its noncore alarm monitoring business, to Chubb Security North America, a wholly owned subsidiary of Williams PLC (United Kingdom) and a worldwide provider of security services and solutions, for $28.5 million in cash. Counterforce, a wholly owned subsidiary of Mytec, provides alarm monitoring and response services to more than 680 independent alarm company dealers and partners who sell, install, and service commercial and residential security alarm systems. In the fiscal year ended Dec. 31, 1999, Counterforce generated revenues of approximately $14 million.
“This sale reflects three very positive realities,” says Pierre Donaldson, Mytec’s president and CEO. “First, Mytec’s core biometrics business is ready to stand on its own, having reached the stage where our technology is primed for commercialization. This sale will benefit Mytec by allowing us to focus and dedicate our resources and energy to our newly launched Bioscrypt family of biometric solutions. Second, in Chubb, we have found a company that can really add value to Counterforce, its dealers, customers and employees. Counterforce is now part of a premier security company. Third, as a result of the sale, there is tremendous potential for our two companies to work together on biometric applications in the future.”
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