VideoMinex builds portfolio with third buy
FITCHBURG, Mass. - An interactive video firm here has taken over the monitoring of 300 automotive dealerships from an Atlanta-based company that it expected to acquire in mid-April.
VideoMinex, with its headquarters here, transferred the 300 accounts to its main central station in Houston in late February and in March informed customers of Atlanta-based Electroguard of the pending acquisition.
The purchase of Electroguard, the first acquisition in 2003 for VideoMinex, is a continuation of the companyÃ¢â‚¬â„¢s acquisition strategy to become the dominant player in the interactive video monitoring and installation market, according to Mike May, VideoMinexÃ¢â‚¬â„¢s chief executive officer. VideoMinex acquired two companies last year, Houston-based Interstar Systems, which gave the company a branded, proprietary monitoring platform, and Denver-based Remote Video Patrol, a dominant provider in monitoring locations in the income-producing real estate market.
Ã¢â‚¬Å“WhatÃ¢â‚¬â„¢s attractive about this acquisition is what it will create for us,Ã¢â‚¬Â May said.
The addition of new accounts doubles the size of the companyÃ¢â‚¬â„¢s automotive account base and strengthens its position as a provider in the automotive market,Ã‚Â MayÃ‚Â said.Ã‚Â Through ElectroguardÃ¢â‚¬â„¢s acquisition of the automotive division of St. Petersburg, Fla.-based CamEra, another monitoring firm, VideoMinex also gained a presence in Florida. Additional staff has been hired in both Florida and Atlanta to boost the companyÃ¢â‚¬â„¢s technical base.
Ã¢â‚¬Å“The automotive market happened to be the market where we felt there was an opportunity to consolidate,Ã¢â‚¬Â May said. Ã¢â‚¬Å“The two businesses complemented each other, the demand was already defined and we felt it was a good investment to be a primary provider.Ã¢â‚¬Â
Through Electroguard, VideoMinex gained an application/engineering group that the company will use to service its accounts nationwide and has relocated other operations, such as consolidating account monitoring to its central station in Houston and hubbing service and installation both here and in Houston.
John Camardella, president and chief executive officer of Electroguard, said that the companiesÃ¢â‚¬â„¢ key processes and key competencies will create a combined company unparalleled in the video monitoring industry.
The purchase price of the acquisition, which was expected to close in late April, was not released.