QSI Security Is Acquired by Diebold to Strengthen Security Offering


Diebold Inc. of North Canton, Ohio, has reached an
agreement to purchase a specialized integrator and
installer of security equipment in the Northeast region.

Services offered by the security company, Londonderry, N.H.-based QSI Security, include CCTV cameras, digital video and access control systems for major financial institutions, credit unions and various commercial accounts. Diebold officials say the purchase is part of a strategic move that will boost its position in providing comprehensive integrated security products and services to existing and potential customers.

“QSI can provide Diebold with a specialized focus in specific areas of security,” said John Morakis, president of QSI Security. “Diebold is a major player in the security industry that can provide QSI customers with additional security product and service solutions to take them to the next level in today’s burgeoning security market.”

The agreement includes the purchase of all assets of the company, including intellectual property and accounts receivable, existing maintenance contracts, open orders, cash, inventories, office equipment, vehicles and tools.

Richard Baggot, vice president of Electronic Security and Currency Systems Group at Diebold, says there are a number of synergies between the two companies, like security integration, specialization and a mutual customer base, that make folding QSI into the Diebold family of security solutions a natural progression.

Diebold Inc. provides integrated self-service delivery systems and services, and employs more than 13,000 associates with representation in more than 88 countries worldwide. The company reported revenue of $1.9 billion in 2002.

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