Newtown Square, Oct. 10, 2016 (GLOBE NEWSWIRE) -- My Alarm Center, one of the largest residential security and home automation providers, with more than 15 years of security and monitoring experience, today announced the company secured $10 million in additional funding led by Ironwood Capital and supported by Alcentra, Saratoga Investment Corporation, NXT Capital and OFS Capital.
“This additional funding comes at a time when the acquisition market has opened up with a lot more high-quality opportunities as more small businesses decide to exit given the uncertain economic and political climate, heightened competition, and increasing complexity of home security and automation products,” said Amy Kothari, president and CEO of My Alarm Center. “The current market conditions present an excellent opportunity to complete tuck-in acquisitions in our key markets, supplementing the phenomenal organic growth we are experiencing at our nine branch and satellite locations.”
The $10 million is additional second-lien debt, an increase of the $50 million second-lien term loan to $60 million, with the proceeds going to repay a portion of the company’s first-lien debt and fund growth through branch offices and recent acquisition activity.
“While companies adopt several different strategies in order to achieve successful market penetration, including new product development and acquisitions, only My Alarm Center has achieved 15 years of consecutive growth in all areas with consistently impressive metrics,” said Roger Roche, at Ironwood Capital.
In September, My Alarm Center added, through multiple acquisitions, more than 7,000 new customers in its key markets and expects the momentum to continue through the end of the year. These acquisitions and the success of its own organic growth engine brings My Alarm Center’s total customers to more than 180,000, generating more than $7.2 million in recurring monthly revenue (RMR). The home security market is estimated to grow from $31 billion in 2015, to more than $47 billion by 2020.
Since 2011, My Alarm Center has successfully shifted its growth model from purely acquisition based to a multi-channel engine, with the majority of new sales being generated organically and acquisitions being done strategically. In 2011, less than two percent of new RMR was generated organically compared to 70 percent year-to-date.
About My Alarm Center
My Alarm Center provides the most technologically advanced residential and small commercial security services and home automation technologies to households and businesses across the United States. Its core mission is to provide superior alarm monitoring services to keep customers out of harm's way. Whether there is an encounter with fire, carbon monoxide, or an unauthorized intrusion, My Alarm Center will be there every step of the way to keep families safe and sound, and to ensure that its customers' belongings remain intact.
Regional brands include Hawk Security Services in Texas, Alarm Monitoring Service Of Atlanta (AMSA), SCAN Security of Long Island, NY, and ACS Security in Los Angeles. My Alarm Center also launched LivSecure in December 2015, an accessible and reliable self-install smart home security solution paired with 24/7 monitoring services. For more information, visit www.myalarmcenter.com.