ADT / ASG 'Merger' Acquisition

Author: John Honovich, Published on Feb 12, 2018

ADT, the $4 billion annual revenue security giant, recently publicly traded again, has merged with security integrator Aronson Security Group, according to a message from Aronson Security Group's (ASG) CEO Phil Aronson.

In this note, we examine the 'merger', the rationale behind this and how it might help ADT, whose IPO challenges have become a public problem.

***, *** $* ******* ****** ******* ******** *****, ******** ******** traded *****, *** ****** **** ******** ********** ******* ******** *****, according ** * ******* *********** ******** *****'*(***) ******* *******.

** **** ****, ** ******* *** '******', *** ********* ****** this *** *** ** ***** **** ***, ***** *** ********** have ****** * ****** *******.

[***************]

ADT *********** ** **********

***'* ******* ** ************** *********** *** ***. *** *******'* ********** and ********** *********** ******* ** * ******** ********. * *** factor ** **** ****** **** ***** ** **** **** *** *** **** **. ** **** ** **** *****, *** ****** *** *********** business ***** **** * ********* *********** ** ********* ** *** commercial / ********** *********** ******.

*** *** ***** * ****** ** ***** ****** **** **** integration, **** ***************** ** ***** ************* ***** ****** ********.

ASG **********

*** ** * ************ ********* *** ******** **********. *******, *** company *** ************** ****** **** *** ********* ******* ** *** ******* ********** **** ** *** * ******* **********. ** **********, *** ************* *** **** ** *****, *********** ****** ** *********** * ******** ********** **** **** systems ***********. **** ** **** *** ********** ** **** ****, ASG *** **** ********** ********* *** ******* ******** ** ****, most******* *********'* ***. ***** ******'***** ************' ************ ***** **** ** * *** *****, ***** ***** **** 'merger' ****** ** ***********.

Aronson ** '******'

*** *** **** ******* **** *** * ********** '***** **** ********* **** ******* **** ***':

**** ** ** ******** '******' ***** **** ***'* ******* ** ~100x ******* **** ***, ***** ******* ** ****** ****** ** $50 ******* **** ***'* $*,*** *******. **** ** **** ****** a ******** ** ** ************ ****** **** * ******* ******. If ** **** ** ******* ******** ** **** **** ****, we ***** ******.

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

**** ******** ** **** ** ************ *** **** **** ** ADT. ** * ******** ****** *******, ** **** ***** ****** with ***, **** ***** ****** ** ******** *********** **** ***** need ** ** *********.

Update - ************ ***** *, ****

**** **** * ***** ***** ******* **** *** *** **********, ADT *** ****** * ****** ************, ********** ** ** ** acquisition, *** ******:*** ******* ********** ************ **** *********** ** ******* ******** ***** (ASG)

Good *** ***

*** ***, **** ***** ** **** **** ****. *** **** does *** *** **** (** ***** ****** $***+ *******), *** says **** **** ****** ** * ******* ****** ***, ******** them ** ******** ***** ****** *********** *** *********. **** ***********, if *** ******** **** ********* *** *********** ** *** **** of *** *****, *** *** ** **** ** ******** ***** overall ******* **** *****-***** *** *****.

ADT ******

***** *** *** ****** *** ******* *********** ******** *** *********** incumbent's *** ****** *** *********** ***********, ********** *** ********** *********** provides * *************** **** ** * ****** ***** *** ** less **********, ***** *** ********** ******** ** *** ******* ******** and **********.

** *** ****** **** *** *** ******** ** ******* ******* integrators, **** *** ** **** ** ***** ***** *** *********** group. *******, ** ***** ** ****, ***** ***** **** ** focus ** **** ******* ** *** ****** *** *** ********** of ********* ******* ***********.

Convergint ****** / *********** *********** ***** ****** ***

**** *** **** ********* ************'* ******* ****-** ** ***********. ** *** **** ****, *** ** *** ****** **** Convergint. ** *** ********, ********** ** *** **** ******* *** experienced ** ****** ***** ******* ***********.

********, *** *** **********'* ************ ******** ** ****** *** ****** of ****** ************ **** ******, ***** *** ************ * **** breed.

Comments (38)

*** ** *** **** security ******** *'** **** worked ****. *** *** best ** **** *** his ****.

*** ***** ** **** start ****** "********* **** ******** ********..." now **** ** *** used ** **. ** guess ** ** **** be **** **** * year ****** *** ***** them ** *** ***** them ***. * ** hope ** ** **** like *** ******* ****** though, *** ********'* ****.

****, * ********* ******** ** ******** ** this ******, *** *** are *****. * ***'* wait ** *** *** tv *********** ******** ****** that **** ** ** cool.

***. ** ****** **** to ** *** ****** of ******* **** *******.

************: **** ****** ** cool *******.

* **** ***** **** ADT *** * ****** bad ******* *** ** was ****** **** ** beat **** **** * worked ** ** **********. However, **** *** ***** took **** ********** * he ****** ****** ****** the ******* ********** *** positively ******** *** ******* in ******* ***** ****. Service ***** *** *******. Hopefully **** **** ********** to *** *** *** ASG *** ** **** states *** **** **** more ** *** ***** commercial *********.

*** ** *** ****** value ** ***…. **** off *** **** ********* residential ********.

*** **** **** ** quality “**********” ************ ****** offset *** ********* *** operational *****…. *** ** still * ********* “***********” security *******. ******* ***** advertising ***** ******** *** attention **** **** *** millions ** *****, ********, “deterrent” ******* **** *** ignored **** ** ***** police. ******* ********* ********, deterrent ******* *** ***** treated **** ******** **** alarms, *** ****** ** consumer ****** ***********.

******: *** *****; ******* Services *****; ******@***.***

**** ** **** ****** a ******** ** ** exaggeration ****** **** * literal ******.

**** ******* ******* **** “Dinner *** ***”:

* ******* *****, ***** I **** *****:

**** ******** ** **** no ************ *** **** made ** ***. ** a ******** ****** *******, if **** ***** ****** with ***, **** ***** likely ** ******** *********** that ***** **** ** be *********.

***** **’* *** ***** of * *** *****, the *********** *********** ***********.

** ******** ***** **** just *********/****** **** ********, dealer************* **** **** ******* reduced.

* **** *** *** joking *** * ** think **'* **** ** funny. ******** *** ******** announce ****'** ****** **** or *********...

** *** ***********, ** the ***** ****, *************** the '************' *** *** own ********* ** **** people *** ********** ****** that ***, ******* **** trust ******.

**** *** **** ********** in **** ****.

*** ******* ** ***** bought ** ****** *****.

** ** ** **** to *** *** ***'* work ** ***'* ********* department?

****, *'* **** * can ***** **** **** ASG ** ***...* ******'* let *** ******** **** my *****, ***'* **** breathe ** **...

****, *'* **** * can ***** **** **** ASG ** ***...

*** ***** **** ** find *** **** *** long **** ********* ********* for *** ***** **. A ****** *** ******* payout *** ******** ***** a ***.

**** **** *******, * hope *** ****** *********** & ************ ** ***** processes *** ******** *********.

***** ** **** * lot ** ***** ****** at *** ***** ***.

#*, *** *** *******?

**** * *** **** of *** **** ****, right?

**, *** *** ****** history ** *** ******* Northwest *** ******** **** many ** ******* **** work ***** *** ** have ** *** ****, each *** *** ****** cited ********** ******** ***** ASG *******. * ****** thought * ***** *** up ***** *** *** but ***** **** **** to *******. *** ****** of ** *** **** statement ***** **** *** fact **** * ****** enjoy ********* **** *** designs ** ***** ********* I **** *** ****** for *** **** ** amusing *** *** **** data ***** *** *** around, ** ****** ******** for **** **********. ****** other ******* ********* ** RFPs ***., * ****** look ** ***** ***, applications ******** ** *********, I **** ****** **** person ** ***** ***** I ***. * **** encountered * *** ** good ****** ****, ******* scope, ******** ************** *********** from *** ** ******* people ** *** ******** sector. ********* * *** recognize *** *** **** work **** *********** *********** in *** ****; **** when **** ** **** content ***** **** ***** organizations *** *********. ** is **** ** **** the ******** **** ***, logic *** ******** **********. Kudos ** *** ** their *** ************, *****. However, * **** **** if *** **** *** have *** ***** ** match *** *** ******* there ***** ** ******* but *** ***** **** when, ***** ** ***** department ** ***** ** take *** *** *****. Is **** ******* ***** to **** *** ****? Probably ***! ********** ** accrued **** ********* *** not **** ****** *********** (had ** ** *****, for ***** ** *** know-LOL). * **** *** best ** ** ********* buddies *** ***. ***'* done *****, ***'* **** tomorrow.

****** *** **** ******! ;)

****'* * **** *** to *** **. *** wonders ** *** -- this ****'* *** *** your ***********'* *** -- has *** ***** ** match *** (******) *** culture. ** *** **** be **** ** ** it. ****** ** **** if **** **.

* **** ** *****, every *** ** *** engagements *'** *** **** them **** **** **** helpful, **** ********** **** their ********. *'* ******* forward ** ****** **** comes *** ** **.

***** *** **** ******* they ******'* *** ** integrate. * ***** ***** mfkers ***** *** ***** leadership *** *********** ******.

** ***** ** ***** confirmation, ****** ** *********, of *** *********** ******* the **********?

*** **** * ***** it, *** **’* *******.

****, **** ** *** acquisition ** *** ******* is ** *** **** smaller **** ******, * imagine ** ***** **** a ******** ********** ** an ********.

** **** ****, **** newsletter ***** ** ****** as********* **********, **?

** ***** ** ***** confirmation, ****** ** *********, of *** *********** ******* the **********?

* ***** **** *** seen ******** ********.

*** ** ***** ** verbal, ****** **** **** talking ***** ** ** least * **** ****** we ******** ** **. At *****, * ********* it, ******** **** ****** were ********** ** **** the**** ****** **** ******** based ***.

** **** ********** **** noted, ** ** **** an ******** ***********.

** **** ****, **** newsletter ***** ** ****** as********* **********, **?

* ***** ***** * man **** ******** ***** be ******** *** ********** of * ****** ************ by ********* **********...

** *** ***********, * am *** **** **** the ******** / ****** is *** ****** ** disclose *********** (*.*., **** counts ** ***** ******** enough ** **** ** report). *******, *** ***** of ****** ** *********.*** *** ******** ********* MSE**** ****** *** '****' reports $** ******* *******, significantly **** **** *******. At ***** ***** ** that **********, ** ***** indicate *** ****** ******** disclose.

**** ** * ****** or **********- ** ******* ends ** * ****** and ***********.

*** ******, *** **** in *** *** *** some **** ***** ************ that **** **** ***** - **** **** ** the '*** **** * good *******- * ******** based ******* ******* ** Casinos *** **** ***** systems.

*** **** *** **** survived *** **** **** had * **** ****** director ** ********** *** told *** ** ***** them *****.

*********, *** ******* **** damaged *** *** ****** who **** *** ******* special *** ** *********.

** ******* ** **** and **** ************** **** obviously ******** * **** challenge.

*** ** ***** *** but **** ***, ******* and ***** **** ****** guys ** *** * big ****** ** *** back *** * ******'* bet ******* *** *** Jamie.

*** *** * *** of ******** *********. ***** to *** ****** *** The **** ***** *** an *********** ********* ******** that *** ******** **** a ****** ***. **** marketing ****** (******* ***** the *** ** ******) shaped *** **** *** company **** *** ********* as *****. **** "******" has ******** ******** ** a **** **** *** day *** ***** *** were ***** ****** ** hold * ***** ** the *******.

***** ** ******** ************ more **** * ***** later, ***** ** ****** atypical. ***'* ***** ** next ****** ** ** will ** *********** **** they *** *****.

**** ** *******. **** news ** * ********* ploy ** ******** **** buzz *** ********* ************* in ***** *****??

********* ************ ** **** expecting?

***** **** **** **** signs *** *** ***** Conversation *********.

***.

*****. *** **** **********? I ******* **** *** out ** **** ******** when ****/** *** *******. I ******* *** **** did ***** ******** (****** small ****** **** *** 3-door ****** ********** ** their *** **** ***** be * ***.)

** ***** ** *** integrator ********? * ****, pre-ASG/ACME.

*******, ******!

**** ***'* *******:*** ******* ********** ************ with *********** ** ******* Security ***** (***)

**************, *** ***** ** an ***********, *** * merger.

***, ****** *** **** link ******* *** *** off *** ***** **** today's ****. * ** happy ** *** ** accurate **************** ** *** merger ** ** ***********. It ********* ***** **** sense ***** *** **** of **** *******.

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