ACRE Acquires Feenics and Matrix Systems
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.
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 ************ ******* *****
**** ********* **** ***** *** ***** are ***** ********* ******** **** ** simply ***** ** ******* ****** *** not *** ******** ** ******* ************ between ******* *** ******.
Feenics **** *********** ****
*******, **** *** ***** ** ***** access *******, ** *** **** ************* substantial *********** *** **** ** ** provides **** * **** ******** ****** the ******-******* ***** ****** *** ********** that **** ***** *** ****** *** portfolio.
** ********, ****-***** ****** ******* ** structurally **** ******* ** ******** **** portfolio ********* **** *********'* *** (**** ***********)*******'* **** ****** (**** ***********)*** ******** **** ************ ****** *****.
Cloud: ******* ** ********** ******
***** **** **** **** ** ******** cloud ****** ******** (************ ********** ******), ACRE ********* ******* ** **** **********-******* vs ****** ***** ** **** *** focused. ** ****** **** **** ** we ********* ***** ******* **** ****, "******* ****** ******* ************ *** functionality ** * ***** ****** ****** usually ********** ** *****, ********** ****** system."
"Robust ******** *** *** ** ****** ***"
***** *** **** **** ********** **** cloud ****** ******* ********* **** ******** received (*.*.,******** - ~$** ******* *******, $*** million ******** *****, ***** - $** ******* *******, $800 ******* *********), ** **** ********** surprised ***** *** ****, ***** **** has *** ************ **** **** **** valuations.
****'* *** ********* *** ******* *********** as ****** * "****** ******** *** not ** ****** ***". ***** **** did *** ******** ******* ******* *** the ***** ****, ** ******** *** price ** ** ** *** $** to $*** ******* *****, ***** ***** be ****** *** ** ***-******* ** OpenPath's.
Profitable *** ******-***** ******
**** *** ******* **** ******* ** profitable *** *** ******-***** ******* ****** significantly ****** **** *** ****** ******* market *******.
Fit ******* *** ****
**** ********** *** ****** ***, **** in ***** ** ******* *** ******** background, ******* **** *** *******. **** Feenics **** ********** **** *** ****'* have ******* ** ********** ****** *** access ******* ******** ******** ** ****** sustainable ******.
******* ********** **** **** ****** *** stay **** **** ******** ** ******* the ***** ********. **** ******** *** potential ** *** / *********** ******* cloud ********** **** ***** **** *********.
Matrix *********** ********
** ********, *** ****** *********** ** a **** *********** **** ** **** deal.***** ************** ****** ** **** *** *** the *******'* ***. ****** ********* *** business ** "****-**** ******** *** *** for *********** *** ************* ************." **** says **** ****** ************ **** *** Matrix *** **** ****** **** ** exiting *** ***** ****** ********** **** remain.
**** ********** **** ***** ****** ***** its *** ****** *********** (******) **** ****** **** ******* ******* controllers ** ** **** ********* ********* generally.
Mercury / *** / **** ****** ***** **********
******* ****** ***** ******** **** *** yet ****** * ****** *** ****, they ***, ****** **** ************ **** things ***** ******. ** ********, **** noted **** **** ******** **** * bigger ********* *** *** *******. *** advantage **** ***** *** ***** ******** and ************ ****** **** ***** **** mitigate **** ****** ***** ******.
Targeting $*** ******* ** ******* ****
**** **** **** *** ********* $*** million ** ******* *** **** ****, a ****** **** ** ****** ********** given **** **** **** ******** ***** to $*** ******* *** **** ******** Feenics, ******, ****** ******* **** ****, *** *** $**+ ******* ** 2020 *******.
Cloud ****** *******
***** ****** ******* ** ********* ****** to ** *** *******-******* **** ** the ****** *** *** ****** ** how **** *** ***** ****** ******* grow. *** *******,***** **** ** *********** ******* ****** **** **** * strong ~**% **** **** **** ** an ********* **** **%+ **** ****. By ********, ****'* *** **** **** were *** ****** *** **** **** growth ***** ** *****, *********** *** feasibility ** ********** **** *****.
**** *** *** **** **** ****** for ******-***** ******* ****** ***** ******* and ****** **** *** ***** ****** subsegment *** **** ***** ***** ** profitable ******.
Outlook - ******* *****
* ***** ********* *** **** ** that ************ ** ****** ********* ********* that **** ******* ** ***** (********* on ***'* ***********) *** *** **** leading-edge ****** *********. ***** **** ************ paying * "****** ********" ** ******* Feenics, ****** ******* ** ********* *** ACRE ** ****** *********** ** *** growth ** ***** ****** ******* ** the **** ******. **** **** ** interesting ** *** ** *** **** competes ******* ********* **** *** ******* to ***** *** **** ************ ** take ****** ***** ** *********** ***** up *** ********* ************ ** ***** access *********.
More ***** ******
** **** **** **** **** **** earlier **** ****, **** ********** **** they ****** ** ***** **** ************ in *** **** ****, *********** ** soon ** *** **** *** ******.
Vote / ****
** * ********** * ****'* *** many *********, * **** ********* * webinar **** **** ***********. **** **** RS2 ******* ****** ** **** **** to ** ******** **** *** *******. As * ********** * *** ** difference **** ***, * *** *** same *** ********* ******. * ** their ********** *** * **** *** the *** **** *** ***** ******* to **** ***** **** ** ***** paths.
* ********** *****. *** *** ***** are **** ******. ** ****** **** area ** **** *** ********* ******* and * **** **** ****** **** and **** ***** *** **** * dealer **** ****** *** ****'*. * have **** *** ***** *** ********* at *********** *** **** *** ***** you **** ******. **** ***'* **** the ********* ** *** *** ****.
***** **** ** ** ***** ******* left. *** **** ** ***** ** too ***** *** *** *********** ** sell ** ***** ****** ** *** great.
*** ***** ******* *** ****** ** their ********, *********** *** *******. ****** the ********* ***** ********** ********* ** bad *** *******, *** ****** *** customers.
** * ***** ****** *** ******* the ********* **** ***** ******* *** market:
**** **** ** *********, ********* *** stakeholders *******, ***** ** **** **** gains *** *******, **** **** ********** speed, *** ***** ******* *** ******** to ****** ** * ****** *******, be ********** **********, ****** ** *** future *** ***** ***** **** ** take ***** *******, **** ******* *** without * ****'* ***** ** ***** point ********.
***** **** ** ** ***** ******* left. *** **** ** ***** ** too ***** *** *** *********** ** sell ** ***** ****** ** *** great.
*** ** ** *****'* ******** ** this. ** *** ***-***** ***** *** a **** ** ************ *** ***** was * **** ******* (** **** depending ** ***'* ***********) **** ************* was ******* ****. *** *** ** the **** * *****, ***** *** been ** **** ******** ***** ****** into *** ***** ******** * ***** new **** ** ******* ******* / startups.
* ** ********* ***** **** *** cost ** ***** ** ************ ****** but *** ***** ** ******* ** do ** *** ******** ********* *********. Thoughts?
* ** ******, ******, **** ******* when ***** ******** ******** ***** ********* mature. **** * ******* *** *** enough ** ******** *** ******? **'* not ***** ** ** ** ***.
* ***** *** ***** ** *** crop ** *** ********* **** ******* by *********** ** ***** ****** **** a ******* *** *** ******** *** great *****. ***** *** ********, ** opinion, *** **** ****** *********** ** a ***** ******* ** ********** * product *** ** **** ********. **** different ******* **** ********* *****.
******** **** *** ** ** ******** the ***** *****, * ***** ***'* see ** ***** ****** *** ****** customers ** ********* *** * ******** of ******** ************. ******** ** *** Internet **********, ***** ******** ********, **** to ***** ********* **** *** ** team *** ********* **** *** ******* my ********* *** ** **** ******.
**** **** *** ****, * *** deal *** ***** ************* **** **** need ** ******* ****** ******* ********* to ****** ***********. ******* ****'* **** is ****** **** ******** *** ***** up. **** **** ** **** *** coffers **** *** ******* **** **** Canon\Hanwha\Delta *** ** ********.
******* *********** *** ****. ******* *** been ** ******** ******* ** *****.
*'* **** ** *** **** ********* develop ******* ****'* ****** ******* ********. As **** ******** ******** ** **** companies, **** **** ********* ******.
*** **** **** ************* ******** ***** anti-trust ********? * **** ** *** greater ****** ** ****** ***** ************ are * **** ** **** ******** to *** *********** ***** ** *** telecom *** ******** *******, *** *** does *** ******* *** ** **** so **** ********* *** ********* ** the **** ***** *** *** ***********?
******* ** * ********** ** ***** access ******* ****** *****, ** ** still ********** ***** *** ***** *** lots ** ***** ******* ** **** space. ** ** *****, ***** **** makes ***** ********* ****** ** ***** but **** *** ****** *** **** having ** ** ********* ***** ****-***** regulations.
** *** ****'* **** ***** ********* scrutiny, **** ********** ***'* **** ** on *** ***'* *****. **** ******** is ********* *** ***** ******* ** garner **** **** ** ******.
******** ** *** ****** ******* ****. I've *** *** ******** ** ******* with **** ******* **** *** ***** and **** *** *** ** *** best ****** ** *** ********.
************ ** ****** ********* ********* **** were ******* ** *****
**** ** * ****** *** ** saying **** * *** ********.
** ** *********** **** *** * suite *****’* ***** **** ******* ** a *******, **** ** **** ******** on ****** ** ******* **** ******* cancelled ***** ***** ***** ******* ******* couldn’t ******* *** *******! **** ** after * ***** **** ***** **** Sept. *** *** **** ** ***** or ***** ***** ***** ** ******** has ** **** * ****** *** hardware!
**** ***’* **** * ******** ********** issue *** ** * ** ******* with ** ********, **** ** ****** employed, **** **** ******* ** ******** even *** ** ******** ********* ** product ***.
* ***** ** ** ******** ** need ** ******* **** ***** ** to ****** **** ******* ******** *** that **’* ******* ** ****** ********* choices *** ******** *** ***** ** a ********* ******** ******** ** *** potentially ******* **** ** ** *********** at ****!
****** ... **** **** ********* **** sentiment ** ****** **** *** ******* plarform ** "****", ** **** ****** the ******** ** *** **** ******, as ** *** **** **** ** virtue-bashing ** ***** **** ******* ** not "****". ** ** **** ****, then ***** ************* ***** ** **** to **** "****" ******** ******* **** talk ** ******* ******** ***/** *** drop-in ************, **** ** *** ****** has ******** ** *** **** ******** industry.
********* ***** ******* *** **** **** in ******* ****'* ******..... *** ******* to ** ****** ****** ******* *** orders. **** ** **** **** ** my *********. **'* *** *** ******* globalization ********. **** *** **** ** be *********** *** ***** ********* ****** than ******** **** *** ******* *******. It ***** * *** ** ***** until ** *****'*.
***** ***** *** *** **** ** have **** ********* *** *****. ** recently ********* **** ** **** ****** Mercury ** *** ******** *** ** are *** ******** *** ********** ** our *** ********. ****** **** ******* open *** ********* ** *** ******* will ***** ** ** ** ********* in ***** **** *****. *** ** far ** *** ******, **** *** in ***** *** ***** ** ****!!
*** ** **** **** ******* ** what **** ** *** ***** *** are **. **** **** *** ****, good **** *** ******* ********. *** deal *** ***********. * **** ******* talked ** * **** ****'* *****.