ACRE, the parent company of Vanderbilt and ComNet, announced on Monday that it has entered into an agreement to acquire access control solutions provider Open Options.
In a statement, ACRE said the acquisition will enhance their strategic expansion plans to strengthen their access control business and product portfolio.
“The acquisition of Open Options boosts Vanderbilt’s reach in the access control market and enhances our product portfolio with the addition of an open architecture access control solution,” said ACRE CEO Joseph Grillo. “With the international portfolio fully integrated, it was time to turn our focus to North America.”
“We are pleased to join the ACRE organization with its strong global reach which will open new opportunities for the Open Options product range,” said Steve Fisher, Open Options Founder and CEO.
Financial details of the transaction were not released.The transaction is expected to close in the fourth quarter of 2018.
