March 1, 2012 -- A new systems integration firm born out of former executive management from Siemens and UTC/GE Security has made its first acquisition. Securadyne Systems, which was just founded this month by Carey Boethel (formerly Siemens) and Ken Francis (formerly GE Security and UTC), has worked with investment firm Pamlico Capital to buy systems integration firm SecureNet Inc.
According to a statement from Dallas-based Securadyne, SecureNet will retain its brand name and will still be led by CEO Brian Bergstrom and the company's management team. SecureNet is a Dallas-based systems integrator known for landing mid- and large-size commercial and infrastructure security projects in Texas and Oklahoma. As part of the merger, Bergstrom will join Securadyne's management team as general manager for Texas and Oklahoma operations.
He'll be working with Securadyne President and CEO Carey Boethel, a 19-year industry veteran who recently led Siemens Security Solutions as the vice president and business unit head for the U.S. and Canada. Boethel's chief operating officer (COO) is Ken Francis, who has over 20 years managing firms including ADT, AMAG, GE Security and UTC, where he recently served as vice president of sales and marketing for the Security Products Group.
Boethel explained his vision of Securadyne as a systems integration firm tied to IP and cloud technologies.
"We believe there is a significant opportunity to build a unique solutions provider with a focus on leveraging emerging IP and cloud-based technologies, and we are looking to partner with a select group of progressive market leaders like SecureNet that want to be part of pursuing that vision," Boethel said. "We have the team, resources, and strategy to create something truly differentiated, and we are actively talking to potential partners in other geographies about becoming part of Securadyne."
The company will continue to work with Pamlico Capital for equity capital deals as it plans for what it described as "additional acquisitions of leading market players in targeted geographies".
"We anticipate that there will be additional acquisitions as we build-out the organization, expand our footprint and execute our growth strategy, but our first priority will always be organic growth," Boethel said.
Stuart Christhilf, principal at Pamlico, said that his firm was working with Boethel and Francis "in building Securadyne into a significant player in the security systems integration space." Christhilf said that the security integration services industry holds promise as integrators are tapping new technologies that will create "significant" recurring revenue. That clearly is already the model for Boethel's firm. A statement from Securadyne said it "will offer a broad range of hosted and managed electronic security solutions with an emphasis on risk mitigation and business process improvement."