Archive: July 2013
ADT to acquire Devcon Security for $148 million
July 31, 2013Tess Nacelewicz
BOCA RATON, Fla.—The ADT Corp. announced this morning that it plans to acquire Devcon Security from Golden Gate Capital for $148.5 million. The deal—ADT's first major acquisition since spinning off from Tyco International last fall—brings 117,000 accounts and $3.6 million of RMR. The transaction is expected to close in early August, Naren Gursahaney, ADT CEO, said during an investor call today.
Don Boerema, chief corporate development officer for ADT, which is based here,...
Latest change for Devcon welcomed
July 31, 2013Tess Nacelewicz
HOLLYWOOD, Fla.— Devcon Security has undergone dramatic changes in the past few years: a rapid expansion, then an even faster downsizing and also a management shake-up. Now, an even bigger change—ADT's announcement today that it has signed a deal to acquire Devcon for $148.5 million—is a welcome one, Devcon CEO Steve Hafen told Security Systems News.“It is great news,” Hafen said. “It's a good development for Devcon and I'm excited about it.”When asked what...
UCC appoints former CVS security czar to lead business development
July 31, 2013Leif Kothe
SAN ANTONIO—United Central Control, a wholesale monitoring company based here, has hired James Beaty, formerly the general manager of central station operations at pharmacy giant CVS, to lead its business development initiatives.In previous jobs, Beaty helped develop in-house security systems and vetted new technology at both CVS and Autozone.At UCC, his hiring could signal some new avenues of business for the wholesale monitoring company, like telehealth, and expand some product lines already...
Florida company succeeds with unique business model
July 31, 2013Tess Nacelewicz
GAINESVILLE, Fla.—Founded by a microbiologist and a special education teacher, Crime Prevention Security Systems wasn't your typical security company when it began 38 years ago and it still stands out from others today.For example, while the company's main office here operates independently, a new Orlando, Fla. branch of the company established about a year ago is an authorized Guardian Protection Services dealer, said Jorgia McAfee, the company's VP of development. The company also operates...
World Wide Security acquires CCTV Security
July 31, 2013Martha Entwistle
GARDEN CITY, N.Y.—World Wide Security, a full service security company based here, announced July 30 that it has acquired CCTV Security, a systems integrator based in Long Island City, N.Y.The deal, which closed in mid-July, brings 1,000 clients and 10 new employees. In business for 40 years, CCTV Security has a book of “blue chip clients [including] The Ritz, Hilton hotels, schools, consulates … and realty management companies,” Kenneth Mara, president and CEO of World Wide Security,...
Contract chat: exculpatory and limitation of liability clauses
July 31, 2013Leif Kothe
A few weeks ago, in response to a Georgia appellate court decision upholding a verdict against Monitronics in a multi-million dollar case, Ken Kirschenbaum, an industry attorney, posed a simple question on his email newsletter to subscribers: "Why should an alarm contract be drafted so that judges find so much confusion?"
It's a fair question. There was little consensus among the appellate court judges, and some of the judges who concurred with the original verdict cited different reasons for doing...
This Blog's on Fire (And Other Stuff)
Life in prison for McGinn, Smith?
July 31, 2013Tess Nacelewicz
Security industry investors Timothy McGinn and David L. Smith are set to be sentenced next week and could spend the rest of their lives in prison after being convicted of fraud, conspiracy and tax evasion earlier this year.
That's the sentence prosecutors want a judge to impose on the pair—formerly partners at the Albany, N.Y.-based brokerage firm of McGinn, Smith & Co., which conducted dealings in the alarm industry—when they appear in court on Aug. 7, according to the Time Union, an...
Tyco Exacq deal done
July 30, 2013Martha Entwistle
NEUHAUSEN, Switzerland—In what Tyco Security Products' director of product management Steve Carney called a “perfect fit,” Tyco announced July 29 that it has completed the acquisition of VMS provider Exacq Technologies for $150 million in cash.The Exacq solution will complement Tyco's existing Victor and VictorEdge solutions, Carney said.“It's all about who uses video and why,” he said. “The Victor products are designed for “active video surveillance,”...
UCC hires former CVS leader
July 30, 2013SSN Staff
SAN ANTONIO—United Central Control, a provider of monitored security services based here, has hired James Beaty, formerly the general manager of central station operations at CVS, to head its business development initiatives, according to a company statement.
“We are excited to have James aboard,” UCC senior vice president Mark Matlock said in the statement. “It's always good to see the world through a different lens, especially with the dramatic changes in the alarm industry...
Monitor America earns UL listing
July 30, 2013SSN Staff
MOONACHIE, N.J.—Monitor America, a provider of security monitoring services technology, based here, has earned UL certification for meeting all required criteria, according to a company statement.
“Becoming UL-listed is a milestone for Monitor America and its goal of being the most advanced central station for alarm services in the nation,” Jay Stuck, spokesman for Monitor America, said in the statement. “Security directors, together with dealers and integrators who are looking...