SAFE Security acquires 24,000 accounts from Pinnacle
SAN RAMON, Calif.—SAFE Security announced this week that it has acquired about 24,000 alarm monitoring accounts from Orem, Utah-based Pinnacle Security. The accounts represent $1.1 million of RMR, according to SAFE, which is based here.
The announcement marks the latest development regarding Pinnacle, one of the leading summer-sales-model companies. Traditional-model home security giant Protection 1 recently purchased select assets from Pinnacle. Two founders from Pinnacle will join Protection 1’s management team and lead a new residential division at Protection 1.
Pinnacle last fall sold 93,000 accounts—about half of its total account base—to Monitronics.
The accounts purchased by SAFE—a security alarm company that buys, finances and services residential and commercial security alarm monitoring contracts and which has operations in 44 states—were created between 2008 and 2010. More than 90 percent use Alarm.com communications services, a SAFE news release said.
Paul Sargenti, president and CEO of SAFE, which he founded in 1988, said in a prepared statement regarding the account acquisition: “This is an exciting and important addition to SAFE’s portfolio. The transaction fits very nicely into our national footprint. The acquisition, in conjunction with SAFE’s robust dealer program, provides cash flow to optimize and execute SAFE’s growth strategy.”
Sargenti also said, “We have worked diligently to build the infrastructure to assimilate and service these accounts and future acquisitions.”
SAFE last year moved its UL-approved central station, SAFE Monitoring Technologies, to corporate offices in San Ramon, improving operating efficiencies and allowing for a greater capacity for growth. The move also involved an upgrade to monitoring and subscriber management software and enhancement of monitoring hardware.
SPP Advisors, of Avon, Conn., represented SAFE in the acquisition of the Pinnacle accounts.
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