SAFE Security acquires 11,000 Pinnacle accounts
SAN RAMON, Calif.—SAFE Security, a security alarm company based here, has acquired approximately 11,000 security alarm monitoring accounts from Utah-based Pinnacle Security, according to a company statement. The subscriber accounts represent $500,000 of RMR.
The vintage accounts created between 2008 and 2010 are similar to the 24,000 accounts acquired by SAFE from Pinnacle in early February, the company said.
“This completes phase II of the Pinnacle account transaction, and when added to the prior close last month brings the total amount acquired from Pinnacle to about $1.6M of RMR,” said Paul Sargenti, president and CEO of SAFE, in the statement. “This is a great addition to SAFE’s existing portfolio and we look forward to providing the highest standard in security services to these new subscribers.”
The acquisition marks the latest development in SAFE’s growth strategy.
Sargenti added that the acquisitions typify the support the company has received from its partners at ICV Capital and from its lender group, led by Bank of America, and consisting of U.S. Bank, Bank of Montreal, Madison Capital and OneWest Bank.
The new subscribers will be monitored at SAFE Monitoring Technologies, the company’s monitoring center, which is based here, the statement said.