Kastle Systems announced today it has acquired Mutual Central Alarm Services and Stat-Land Security Systems from ADT. The acquisition will open up new growth opportunities in the retail market for the company, which is known for its large footprint in the commercial real estate sector.
"This is definitely a nice boost into the retail space," explained executive vice president Brian Eckert. "Commercial real estate is what we are known for?, but this is another market we can cater to."
Mutual and Stat-Land are focused on financial service clients, upscale jewelers, and marquee retail brands in New York; and Mutual runs a UL listed,CSAA (Central Station Alarm Association) Five Diamond-certified central station in Midtown Manhattan?. Because of the acquisition, the companies will be able to expand their offering to include advanced monitored video solutions, and also greater geographic coverage for their clients. Building on its existing IP-centric infrastructure, the acquisition expands Kastle’s presence and expert resources in the greater New York metropolitan area.
"Mutual and Stat-Land fit so well with Kastle in so many regards," Eckert said. "Their customers have incredible praise for their level of service. At its core, their commitment on the service side really matched with our goals."
“New York City is a top priority market for us," Kastle Chairman Mark Ein said in a press release. "Our customer bases, product offerings and geographic coverage are extremely complementary which will provide significant growth opportunities going forward."
Added Joel Cohen, President of Mutual Central Alarm Services: "This is a great opportunity for our business, our employees and for our clients. By joining Kastle, we are part of an organization with a long-term perspective that will enable us to offer the same premium customer experience, and also introduce new innovative offerings that I know our clients will want.”
This acquisition continues Kastle's rapid growth. In May of 2013 Kastle Systems announced it had acquired cloud-based video surveillance and alarm verification solutions provider CheckVideo. "We have definitely been expanding?," Eckert said.
According to the press release, the debt financing for the acquisition was provided by Kastle’s existing lenders, CapitalSource Bank and Capital One, N.A. As a privately held entity, specific financial terms of the acquisition are undisclosed.