Alarmguard Holdings Inc. Completes Acquisition of Detect Inc. D/B/A Pelletier Alarm, Litchfield Alarm and Fairfield County Sprinkler Fire Inspection Division
ORANGE, Conn.--(BUSINESS WIRE)--Feb. 5, 1998--
Adds 7,200 Subscribers and $210,000 MRR
Alarmguard Holdings, Inc. (AMEX: AGD) today announced that it has acquired Detect Inc., headquartered in Danbury, CT., with offices in Darien, and Litchfield, CT. With over 7,200 subscribers, Detect Inc. generates monthly recurring revenue ("MRR") of approximately $210,000. The purchase price for the Company was approximately $10,400,000, including an unspecified one-year holdback subject to certain revenue guarantees.
Russell R. MacDonnell, Chairman and Chief Executive Officer of Alarmguard said, "Alarmguard's acquisition of Detect strengthens our already significant penetration of the lucrative Fairfield and Litchfield County markets. Detect's growth, strong operating margins, low subscriber attrition rates, and well-deserved reputation as a quality service provider will also enhance Alarmguard's overall presence in Connecticut where we already have offices in Greenwich, Meriden and Orange, with over 30,000 subscribers." He concluded, "We are also pleased that James R. Ward, President of Detect, Inc. will be joining Alarmguard's senior management team."
Mr. Ward commented, "Detect's customers will be extremely well-served by Alarmguard. We decided to join a company that has a commitment to provide exceptional customer service and the resources necessary to invest in personnel and technology necessary to support its programs. I am very pleased to join Alarmguard's management team and be a part of its vision for the future." |
