ENGLEWOOD, Colo.—Monitronics will have more than 600 dealers and 1 million accounts when it completes the $487 million acquisition, announced today, of super-regional security company Security Networks, the 14th largest residential alarm monitoring company in the United States.
WEST PALM BEACH, Fla.—With the Aug. 16 close of the Monitronics-Security Networks deal behind him, former Security Networks CEO Rich Perry is taking some time off, but he’s spending some of that time thinking about his next venture in the security industry.
I wrote this spring about Florida-based super-regional Security Networks as it expanded operations west of the Mississippi after being acquired last fall by private equity firm Oak Hill Capital Partners.
Now, the company, headquartered in West Palm Beach, is growing its footprint once again—into Puerto Rico, partnering with Alarm Zone, which does business as Island Security. Here’s more from a recent press release:
With this partnership Island Security will market and install Security Networks products and services while Security Networks will assume the monitoring and warranty service on the accounts. Island Security will receive Security Networks exclusive sales and marketing support, fast track funding services, and will participate in the company’s affiliate lead generation program.
“We researched several traditional dealer programs and chose Security Networks because of their commitment to grow as a partnership. Security Networks is a company that shares our beliefs and values and by affiliating with them, we will be able to deliver the best solutions to our customers,” said Waldemar Vazquez, President of Island Security.
"The joint venture with Island Security is part of our overall aggressive sales and marketing plans and is in line with our strategy for the development of a strong affiliate sales program. We are proud to have them representing our company and our services as a member of the Security Networks team.” said Gary Franklyn, Security Networks’ Vice President of Business Development.