Forrest is new Iverify CEO

Acquisitions in the offing for Iverify
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Wednesday, March 26, 2014

CHARLOTTE, N.C.—In addition to adding new customers, Sean Forrest, the newly named CEO of Iverify, sees an immediate opportunity to offer more services to existing customers.

Iverify is a full-service security company that specializes in the design, installation and service of fully integrated video monitoring systems for national account customers. However, it also offers a variety of other video services, intrusion and access control.

“A lot of people in the industry refer to video as one thing, we see it as a lot of things,” Forrest told Security Systems News. “And we intend to compete on all segments of video, not just the fully integrated monitored video and audio [that Iverify is most well known for],” he said.

Forrest explained that Iverify offers a “the full spectrum of video” including: simple automated video verification systems; CCTV cameras recording to a DVR; cameras that are monitored on a reactive basis; as well as its premium offering.

Many existing customers take advantage of Iverify's premium offering in some locations but not all. Forrest said Iverify can offer those customers a variety of video services that will fit the needs of each branch office or location. Iverify provides "very strong ROI for loss prevention, safety and security of employees [and assets]. ... It's what security directors look at," he said. There's an easy case to be made to security directors that they should be taking advantage of Iverify solutions in all of their locations, he added.

Forrest said acquistions will also be part of the company's growth strategy. He's interested in purchases that will "enhance the customer offering ... the size or scope of what we're doing.

Forrest’s appointment was announced on March 26. Forrest, who has served on Iverify’s board for 18 months, succeeds Mark Spagnolo, who will take over as executive chairman of Iverify.

Previously, Forrest served as CFO for HSM, which was acquired by Stanley, and Devcon Security, which was sold to ADT. He also founded specialty lending practices at LaSalle Bank and The Private Bank.

Owned by Driehaus Private Equity of Chicago, Iverify has 150 employees and customers across the country. It has been successful in a number of vertical markets including retail, auto retail and property management companies.

Forrest declined to reveal revenues, but said that 90 percent of Iverify's revenue comes from its video monitoring business and that the majority of that 90 percent is from RMR (as opposed to installation). He said RMR grew 20 percent from 2012 to 2013 and he expects the same percentage of growth this year.

Iverify is unique in how much contact it has with its customers, Forrest said. For most security companies, interacting with a customer twice a day—typically opening and closing of a business—is considered a lot of contact. Iverify is “much more actively involved in the protection of our customers,” he said.

As evidence he says that in 2014, Iverify will have more than “6.5 millon touch-points with customers," that includes virtual guard tours (4 million), event responses (1 million) and employee escorts (1.5 million).

Forrest will be at ISC West next week checking out new technology  with an eye toward "further improving the customer experience."

"We think we have a tremendous opportunity with the foundation [we have in place]," Forrest said. "The market is moving in a direction we're prepared for in terms of video and the enhancement of services," he added.