ACRE Acquires Feenics and Matrix Systems

By John Honovich and Brian Rhodes, Published Dec 01, 2021, 09:13am EST

ACRE has made 2 acquisitions, acquiring cloud access provider Feenics and conventional access control provider Matrix Systems. Earlier this year, ACRE itself was acquired by a new investment firm, at the time pledging greater ambition for acquisitions. These 2 deals are a major step towards that.

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For background on Feenics, see IPVM's 2021 test of Feenics access control and for Matrix, see IPVM's 2021 show session with Matrix.

IPVM spoke with ACRE CEO Joe Grillo to better understand these deals, the future of these 2 acquired companies, and ACRE's outlook on the hot cloud access control space, especially compared to recent deals for Openpath (Motorola) and Brivo (SPAC).

No ************ ******* *****

**** ********* **** ***** the ***** *** ***** announced ******** **** ** simply ***** ** ******* timing *** *** *** planning ** ******* ************ between ******* *** ******.

Feenics **** *********** ****

*******, **** *** ***** on ***** ****** *******, is *** **** ************* substantial *********** *** **** as ** ******** **** a **** ******** ****** the ******-******* ***** ****** and ********** **** **** could *** ****** *** portfolio.

** ********, ****-***** ****** Systems ** ************ **** similar ** ******** **** portfolio ********* **** *********'* *** (**** ***********)*******'* **** ****** (**** acquisition)*** ******** **** ************ market *****.

Cloud: ******* ** ********** ******

***** **** **** **** an ******** ***** ****** offering (************ ********** ******), ACRE ********* ******* ** more **********-******* ** ****** which ** **** *** focused. ** ****** **** that ** ** ********* in*** ******* **** ****, "******* ****** ******* integrations *** ************* ** a ***** ****** ****** usually ********** ** *****, enterprise ****** ******."

"Robust ******** *** *** ** ****** ***"

***** *** **** **** valuations **** ***** ****** control ********* **** ******** received (*.*.,******** - ~$** ******* revenue, $*** ******* ******** price, ***** - $** million *******, $*** ******* valuation), ** **** ********** surprised ***** *** ****, since **** *** *** historically **** **** **** valuations.

****'* *** ********* *** Feenics *********** ** ****** a "****** ******** *** not ** ****** ***". While **** *** *** disclose ******* ******* *** the ***** ****, ** estimate *** ***** ** be ** *** $** to $*** ******* *****, which ***** ** ****** not ** ***-******* ** OpenPath's.

Profitable *** ******-***** ******

**** *** ******* **** Feenics ** ********** *** has ******-***** ******* ****** significantly ****** **** *** access ******* ****** *******.

Fit ******* *** ****

**** ********** *** ****** fit, **** ** ***** of ******* *** ******** background, ******* **** *** Feenics. **** ******* **** leadership **** *** ****'* have ******* ** ********** within *** ****** ******* industry ******** ** ****** sustainable ******.

******* ********** **** **** remain *** **** **** ACRE ******** ** ******* the ***** ********. **** includes *** ********* ** add / *********** ******* cloud ********** **** ***** ACRE *********.

Matrix *********** ********

** ********, *** ****** acquisition ** * **** traditional **** ** **** deal.***** ************** ****** ** **** and *** *** *******'* CEO. ****** ********* *** business ** "****-**** ******** and *** *** *********** and ************* ************." **** says **** ****** ************ this *** ****** *** that ****** **** ** exiting *** ***** ****** management **** ******.

**** ********** **** ***** Matrix ***** *** *** closed *********** (******) **** ****** **** support ******* *********** ** do **** ********* ********* generally.

Mercury / *** / **** ****** ***** **********

******* ****** ***** ******** have *** *** ****** a ****** *** ****, they ***, ****** **** acknowledged **** ****** ***** change. ** ********, **** noted **** **** ******** were * ****** ********* for *** *******. *** advantage **** ***** *** their ******** *** ************ larger **** ***** **** mitigate **** ****** ***** issues.

Targeting $*** ******* ** ******* ****

**** **** **** *** targeting $*** ******* ** revenue *** **** ****, a ****** **** ** likely ********** ***** **** they **** ******** ***** to $*** ******* *** have ******** *******, ******, and*** ******* **** ****, *** *** $**+ million ** **** *******.

Cloud ****** *******

***** ****** ******* ** generally ****** ** ** the *******-******* **** ** the ****** *** *** debate ** *** **** can ***** ****** ******* grow. *** *******,***** **** ** *********** ******* ****** **** from * ****** ~**% rate **** **** ** an ********* **** **%+ next ****. ** ********, ACRE's *** **** **** were *** ****** *** such **** ****** ***** in *****, *********** *** feasibility ** ********** **** rates.

**** *** *** **** were ****** *** ******-***** revenue ****** ***** ******* and ****** **** *** cloud ****** ********** *** they ***** ***** ** profitable ******.

Outlook - ******* *****

* ***** ********* *** ACRE ** **** ************ it ****** ********* ********* that **** ******* ** solid (********* ** ***'* perspective) *** *** **** leading-edge ****** *********. ***** ACRE ************ ****** * "robust ********" ** ******* Feenics, ****** ******* ** important *** **** ** better *********** ** *** growth ** ***** ****** control ** *** **** decade. **** **** ** interesting ** *** ** how **** ******** ******* companies **** *** ******* to ***** *** **** aggressively ** **** ****** share ** *********** ***** up *** ********* ************ to ***** ****** *********.

More ***** ******

** **** **** **** ACRE **** ******* **** year, **** ********** **** they ****** ** ***** more ************ ** *** next ****, *********** ** soon ** *** **** few ******.

Vote / ****

Comments (18)

Undisclosed #1

12/01/21 04:31pm

*** ** **** **** depends ** **** **** of *** ***** *** are **. **** **** for ****, **** **** for ******* ********. *** deal *** ***********. * have ******* ****** ** 2 **** ****'* *****.

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John Honovich

IPVM | In reply to Undisclosed #1 | 12/01/21 04:33pm

***********, ** **** ****?

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Undisclosed #1

In reply to John Honovich | 12/01/21 05:23pm

** * ********** * didn't *** **** *********, I **** ********* * webinar **** **** ***********. Both **** *** ******* though ** **** **** to ** ******** **** the *******. ** * competitor * *** ** difference **** ***, * see *** **** *** employees ******. * ** their ********** *** * like *** *** *** guys *** ***** ******* to **** ***** **** we ***** *****.

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Shannon Davis

IPVMU Certified | In reply to Undisclosed #1 | 12/02/21 02:09pm

* ********** *****. *** RS2 ***** *** **** people. ** ****** **** area ** **** *** employees ******* *** * know **** ****** **** and **** ***** *** like * ****** **** though *** ****'*. * have **** *** ***** RS2 ********* ** *********** and **** *** ***** you **** ******. **** don't **** *** ********* of *** *** ****.

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Undisclosed Integrator #5

In reply to Undisclosed #1 | 12/02/21 01:51pm

***** **** ** ** small ******* ****. *** cost ** ***** ** too ***** *** *** opportunity ** **** ** eager ****** ** *** great.

*** ***** ******* *** buried ** ***** ********, bureaucracy *** *******. ****** the ********* ***** ********** companies ** *** *** dealers, *** ****** *** customers.

** * ***** ****** can ******* *** ********* they ***** ******* *** market:

**** **** ** *********, employees *** ************ *******, focus ** **** **** gains *** *******, **** with ********** *****, *** solid ******* *** ******** to ****** ** * timely *******, ** ********** innovative, ****** ** *** future *** ***** ***** team ** **** ***** quickly, **** ******* *** without * ****'* ***** of ***** ***** ********.

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John Honovich

IPVM | In reply to Undisclosed Integrator #5 | 12/02/21 01:56pm

***** **** ** ** small ******* ****. *** cost ** ***** ** too ***** *** *** opportunity ** **** ** eager ****** ** *** great.

*** ** ** *****'* advocate ** ****. ** the ***-***** ***** *** a **** ** ************ and ***** *** * real ******* (** **** depending ** ***'* ***********) that ************* *** ******* here. *** *** ** the **** * *****, there *** **** ** much ******** ***** ****** into *** ***** ******** a ***** *** **** of ******* ******* / startups.

* ** ********* ***** that *** **** ** entry ** ************ ****** but *** ***** ** funding ** ** ** has ******** ********* *********. Thoughts?

* ** ******, ******, what ******* **** ***** physical ******** ***** ********* mature. **** * ******* get *** ****** ** dominate *** ******? **'* not ***** ** ** so ***.

Agree: 1
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Undisclosed Integrator #5

In reply to John Honovich | 12/02/21 02:09pm

* ***** *** ***** of *** **** ** the ********* **** ******* by *********** ** ***** groups **** * ******* for *** ******** *** great *****. ***** *** startups, ** *******, *** well ****** *********** ** a ***** ******* ** developing * ******* *** an **** ********. **** different ******* **** ********* goals.

******** **** *** ** or ******** *** ***** space, * ***** ***'* see ** ***** ****** for ****** ********* ** practical *** * ******** of ******** ************. ******** of *** ******** **********, cyber ******** ********, **** to ***** ********* **** the ** **** *** recurring **** *** ******* my ********* *** ** that ******.

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Undisclosed Manufacturer #2

12/01/21 04:44pm

**** **** *** ****, a *** **** *** other ************* **** **** need ** ******* ****** control ********* ** ****** competitive. ******* ****'* **** is ****** **** ******** all ***** **. **** flow ** **** *** coffers **** *** ******* gain **** *****\******\***** *** go ********.

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Undisclosed Integrator #3

12/01/21 05:38pm

******* *********** *** ****. Feenics *** **** ** exciting ******* ** *****.

*'* **** ** *** more ********* ******* ******* Acre's ****** ******* ********. As **** ******** ******** up **** *********, **** hope ********* ******.

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Undisclosed Integrator #4

12/02/21 12:20am

*** **** **** ************* activity ***** ****-***** ********? I **** ** *** greater ****** ** ****** these ************ *** * flea ** **** ******** to *** *********** ***** in *** ******* *** consumer *******, *** *** does *** ******* *** up **** ** **** compaines *** ********* ** the **** ***** *** are ***********?

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John Honovich

IPVM | In reply to Undisclosed Integrator #4 | 12/02/21 12:30am

******* ** * ********** of ***** ****** ******* market *****, ** ** still ********** ***** *** there *** **** ** other ******* ** **** space. ** ** *****, maybe **** ***** ***** companies ****** ** ***** but **** *** ****** far **** ****** ** be ********* ***** ****-***** regulations.

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Undisclosed Manufacturer #7

In reply to Undisclosed Integrator #4 | 12/02/21 03:57pm

** *** ****'* **** under ********* ********, **** definitely ***'* **** ** on *** ***'* *****. This ******** ** ********* too ***** ******* ** garner **** **** ** review.

Agree: 1
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Morden Kyle

12/02/21 02:08pm

******** ** *** ****** Feenics ****. *'** *** the ******** ** ******* with **** ******* **** the ***** *** **** are *** ** *** best ****** ** *** industry.

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Undisclosed Manufacturer #6

12/02/21 02:37pm

************ ** ****** ********* companies **** **** ******* to *****

**** ** * ****** way ** ****** **** I *** ********.

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Undisclosed Integrator #8

12/05/21 04:07pm

** ** *********** **** the * ***** *****’* think **** ******* ** a *******, **** ** were ******** ** ****** by ******* **** ******* cancelled ***** ***** ***** because ******* ******’* ******* the *******! **** ** after * ***** **** order **** ****. *** the **** ** ***** or ***** ***** ***** my ******** *** ** wait * ****** *** hardware!

**** ***’* **** * customer ********** ***** *** do * ** ******* with ** ********, **** my ****** ********, **** flow ******* ** ******** even *** ** ******** depending ** ******* ***.

* ***** ** ** industry ** **** ** rethink **** ***** ** to ****** **** ******* hardware *** **** **’* promise ** ****** ********* choices *** ******** *** build ** * ********* hardware ******** ** *** potentially ******* **** ** us *********** ** ****!

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Undisclosed Integrator #4

In reply to Undisclosed Integrator #8 | 12/05/21 04:25pm

****** ... **** **** criticize **** ********* ** saying **** *** ******* plarform ** "****", ** just ****** *** ******** to *** **** ******, as ** *** **** kind ** ******-******* ** state **** ******* ** not "****". ** ** were ****, **** ***** manufacturers ***** ** **** to **** "****" ******** devices **** **** ** Mercury ******** ***/** *** drop-in ************, **** ** how ****** *** ******** in *** **** ******** industry.

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Undisclosed Integrator #5

In reply to Undisclosed Integrator #8 | 12/06/21 01:42pm

********* ***** ******* *** your **** ** ******* else's ******..... *** ******* to ** ****** ****** filling *** ******. **** so **** **** ** my *********. **'* *** big ******* ************* ********. They *** **** ** be *********** *** ***** companies ****** **** ******** make *** ******* *******. It ***** * *** of ***** ***** ** doesn't.

Agree: 1
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Avatar

Rick Caruthers

Galaxy Control Systems
In reply to Undisclosed Integrator #8 | 12/06/21 05:34pm

***** ***** *** *** that ** **** **** promoting *** *****. ** recently ********* **** ** were ****** ******* ** our ******** *** ** are *** ******** *** production ** *** *** hardware. ****** **** ******* open *** ********* ** our ******* **** ***** to ** ** ********* in ***** **** *****. And ** *** ** our ******, **** *** in ***** *** ***** to ****!!

Agree: 1
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