Tri-S Security Corporation has sold the home monitoring contracts from IMI, a subsidiary that Tri-S acquired in October 2005.
Security Alarm Financing Enterprise (SAFE) purchased those wholesale and retail customer contracts on July 21, for approximately $680,000. Tri-S intends to sell off more IMI accounts to SAFE as they qualify for sale. SAFE will also be servicing IMI accounts that have not been sold.
The sale of those IMI accounts to SAFE represents a continued focus at Tri-S to thin down its acquisitions by selling assets not focused on the company's core government and federal security business. Besides the sale of the IMI accounts, Tri-S subsidiary Paragon Systems recently sold its Army Fleet Support venture, and sold/leased back a building that Tri-S owned after acquiring The Cornwall Group.
Tri-S, an Atlanta-based security company, is primarily focused on providing guards to the government market, as well as electronic monitoring systems, executive/personnel protection and services like crowd control.