Former Siemens & GE execs found Securadyne, acquire SecureNet as platform for growth

Carey Boethel and Ken Francis go into business; financial partner, Pamlico Capital, ready to fund additional acquisitions
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Thursday, March 1, 2012

DALLAS—Carey Boethel and Ken Francis, two well-known industry veterans, announced this morning that they’ve founded a new systems integration firm called Securadyne Systems, and acquired SecureNet,  a Dallas-based security integrator, as a platform for growth.

With backing from Pamlico Capital, the phase-one strategy for Securadyne is “to build a Southeast regional company over the next two years. Phase two would be to achieve a national footprint,” Francis told Security Systems News.

The duo plan to build a “unique solutions provider that leverages emerging IP and cloud-based technologies.”  Francis said systems integrators who focus on “strong advanced services will change the nature of the relationship between systems integrators and their enterprise customers.”

Securadyne “intends to be on forefront of this change, and the result will be stronger relationships with end users and a more profitable business,” he added.

Securadyne is actively looking for select acquisitions.
 
Boethel, president and CEO of Securadyne, was most recently head of Siemens’ Security Solutions Business Unit in the United States, and VP and Business Unit Head for Canada. Ken Francis, COO of Securadyne, has worked for ADT, AMAG, and GE Security, where he led the Integrated Systems Product Group.  Most recently, Francis was worldwide VP of Sales & Marketing for UTC’s Security Products Group.
 
Pamlico Capital is a $2 billion Charlotte, N.C.-based middle-market private equity group. Pamlico was an investor in Sonitrol, but exited when that company was sold to Stanley Works in 2008.

Stuart Christhilf, principal at Pamlico, called Sonitrol a “very successful investment for us.” He said Pamlico had spent the past 12 to 18 months “looking at a host of different companies across the space.” Pamlico does not currently have other security investments, but it is invested in several software, SaaS, hosted and managed services companies. Pamlico’s interest in those capabilities and ongoing interest in the security space “attracted us to the thesis that Carey and Ken have developed,” Christhilf said.

Christhilf characterized Pamlico as a long-term investor interested in helping Securadyne grow over the next several years. “We’re really excited to back Carey and Ken. We think they’re the best team out there to put our money behind in this space. And we think SecureNet is a great platform from which to execute their strategy and to expand from there.”

Brian Bergstrom, CEO of SecureNet, will continue to lead the SecureNet organization, which will retain its brand name. Bergstrom will join the Securadyne management team as GM of the company’s Texas and Oklahoma operations.  

Francis said SecureNet had 2011 revenues of approximately $16 million and has about 79 employees. In addition to headquarters in Dallas, it has Texas branch offices in Austin and Houston and Oklahoma branch offices in Oklahoma City and Tulsa.

Today’s deal is the result of an idea that Francis and Boethel came up with several years ago when the two were both working at Netversant. “We spent a great deal of time talking about this idea,” Francis said. “We had a business plan and we made presentations to bankers.” That was back around 2008, and it turned out the timing was not right, “so we both made career commitments, Carey to Siemens and me to GE Security … then last spring we got together and decided that in 2012 we’d like to do this.”