Link to Open Options CEO Steve Fisher memo on the deal.
Open Options Acquired By ACRE
Published Dec 17, 2018 20:46 PM
ACRE is doing deals again. A year after they sold Mercury, they are buying another access control company - Open Options.
In this note, we examine the acquisition, Open Option's revenue, and valuation as well as how it will likely fit with ACRE overall.
ACRE ********
*** ******* ****** **** ******* ******, ** ********* ******* *******, ******* recognized *** ****** *** ** ******. As ***** ** ******** ******* ******** ******** ********** ****** ***** **** *********,
****** **** ********* **********, **** **** more ** * ******* ******* *** growing ** ********* ******** **********, ********* those **** *** **** *****.
*** *******, ** *** ***** *******, has ******* **** ***** **** ****** and **** ******* *** ******* *** * *********** ******. ****'* ***** brands ******* ******* ********, **********, ***, *** ******.
Open ******* ********
**** ******* ** * ** (*****) access ******* ******** *****-**** **** ***** systems ** ********** *********. *** ********'* management ****** ** *** ******, *** the ******** ********** *** ********** **** ******* ********, **** ******, *** ********/****** ***********.
*** ***** ************** *** **** ******* is *** ********** *** ****** *********, ***** ***** ** '*****', '******', and '**** ** *****' ** *** ********** ****** ********* *******.
*** ******* ***** ** * ******** of *****-***** ********** ********* ** **** but **** ******* ****** *********** **** SecureNet *** ******** ** ********** ** ****.
Revenue *** *********** *****
**** ******* ******* ** ~$** *******, according ** ****'* ************ ** *** Imperial ******* **********, ***** *****:
*** *********** ***** *** *** ********* but ** ***** ****** ** ** be ****** (** *** $** - $60 ******* *****) ***** ****'* ********* conservative ********.
Operating ********** **** ***** **** ******
****** **** ****** **** ******* **** the ******** '********** ******' *****, *** expectation ** ** ******** ********* *** company ** * *****-*****.
**** **** ****:
** **** ** ******* ** ** a ******** *******. **’** **** *** back ****** ********* *********.
*** ***** *******, ***** **** ******* marketing *** ******** ** *********, **** is ******* ***** *** ************* **** recognition ** *** ********** ***** ****** in ******.
Market ******
**** ******* ****** ** **** **** the ***********. ***** *** ******* *** been *********** ** ******* ********* *** brand *********** ******* *** **** ***** base, **** ******** *** ******* **** funding *** *********.
****'* ******** ********** ******** ****** *** *** *** ****** *** ***** ********* *** ****** ***** **** ******** **** Options **-******* *********/*** ***** ******. *** acquisition ***** ** *** ***** ** the ****** ********** ******* ** **** Option's ******* ******* ******** ****** [**** no ****** *********], *** ****** * significant ********** ***, ********* ** ******* IPVM *******.
****/****
Comments (1)
Brian Rhodes
Dec 18, 2018