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)

*** ** *** **** ******** ******** *'** **** ****** ****. All *** **** ** **** *** *** ****.

*** ***** ** **** ***** ****** "********* **** ******** ********..." *** **** ** *** **** ** it. ** ***** ** ** **** ** **** **** * year ****** *** ***** **** ** *** ***** **** ***. I ** **** ** ** **** **** *** ******* ****** though, *** ********'* ****.

****, * ********* ******** ** ******** ** **** ******, *** *** *** *****. I ***'* **** ** *** *** ** *********** ******** ****** that **** ** ** ****.

***. ** ****** **** ** ** *** ****** ** ******* Ford *******.

************: **** ****** ** **** *******.

* **** ***** **** *** *** * ****** *** ******* and ** *** ****** **** ** **** **** **** * worked ** ** **********. *******, **** *** ***** **** **** Protection * ** ****** ****** ****** *** ******* ********** *** positively ******** *** ******* ** ******* ***** ****. ******* ***** the *******. ********* **** **** ********** ** *** *** *** ASG *** ** **** ****** *** **** **** **** ** the ***** ********** *********.

*** ** *** ****** ***** ** ***…. **** *** *** high ********* *********** ********.

*** **** **** ** ******* “**********” ************ ****** ****** *** financial *** *********** *****…. *** ** ***** * ********* “***********” security *******. ******* ***** *********** ***** ******** *** ********* **** from *** ******** ** *****, ********, “*********” ******* **** *** ignored **** ** ***** ******. ******* ********* ********, ********* ******* are ***** ******* **** ******** **** ******, *** ****** ** consumer ****** ***********.

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

**** ** **** ****** * ******** ** ** ************ ****** than * ******* ******.

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

* ******* *****, ***** * **** *****:

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

***** **’* *** ***** ** * *** *****, *** *********** acquisition ***********.

** ******** ***** **** **** *********/****** **** ********, ******************* **** **** ******* *******.

* **** *** *** ****** *** * ** ***** **'* kind ** *****. ******** *** ******** ******** ****'** ****** **** or *********...

** *** ***********, ** *** ***** ****, *************** *** '************' has *** *** ********* ** **** ****** *** ********** ****** that ***, ******* **** ***** ******.

**** *** **** ********** ** **** ****.

*** ******* ** ***** ****** ** ****** *****.

** ** ** **** ** *** *** ***'* **** ** ADT's ********* **********?

****, *'* **** * *** ***** **** **** *** ** ASG...I ******'* *** *** ******** **** ** *****, ***'* **** breathe ** **...

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

*** ***** **** ** **** *** **** *** **** **** retention ********* *** *** ***** **. * ****** *** ******* payout *** ******** ***** * ***.

**** **** *******, * **** *** ****** *********** & ************ in ***** ********* *** ******** *********.

***** ** **** * *** ** ***** ****** ** *** right ***.

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

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

**, *** *** ****** ******* ** *** ******* ********* *** speaking **** **** ** ******* **** **** ***** *** ** have ** *** ****, **** *** *** ****** ***** ********** comments ***** *** *******. * ****** ******* * ***** *** up ***** *** *** *** ***** **** **** ** *******. The ****** ** ** *** **** ********* ***** **** *** fact **** * ****** ***** ********* **** *** ******* ** other ********* * **** *** ****** *** *** **** ** amusing *** *** **** **** ***** *** *** ******, ** thanks ******** *** **** **********. ****** ***** ******* ********* ** RFPs ***., * ****** **** ** ***** ***, ************ ******** or *********, * **** ****** **** ****** ** ***** ***** I ***. * **** *********** * *** ** **** ****** work, ******* *****, ******** ************** *********** **** *** ** ******* people ** *** ******** ******. ********* * *** ********* *** CAD **** **** **** *********** *********** ** *** ****; **** when **** ** **** ******* ***** **** ***** ************* *** companies. ** ** **** ** **** *** ******** **** ***, logic *** ******** **********. ***** ** *** ** ***** *** relationship, *****. *******, * **** **** ** *** **** *** have *** ***** ** ***** *** *** ******* ***** ***** be ******* *** *** ***** **** ****, ***** ** ***** department ** ***** ** **** *** *** *****. ** **** opinion ***** ** **** *** ****? ******** ***! ********** ** accrued **** ********* *** *** **** ****** *********** (*** ** go *****, *** ***** ** *** ****-***). * **** *** best ** ** ********* ******* *** ***. ***'* **** *****, Ain't **** ********.

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

****'* * **** *** ** *** **. *** ******* ** ADT -- **** ****'* *** *** **** ***********'* *** -- has *** ***** ** ***** *** (******) *** *******. ** may **** ** **** ** ** **. ****** ** **** if **** **.

* **** ** *****, ***** *** ** *** *********** *'** had **** **** **** **** **** *******, **** ********** **** their ********. *'* ******* ******* ** ****** **** ***** *** of **.

***** *** **** ******* **** ******'* *** ** *********. * think ***** ****** ***** *** ***** ********** *** *********** ******.

** ***** ** ***** ************, ****** ** *********, ** *** transaction ******* *** **********?

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

****, **** ** *** *********** ** *** ******* ** ** one **** ******* **** ******, * ******* ** ***** **** a ******** ********** ** ** ********.

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

** ***** ** ***** ************, ****** ** *********, ** *** transaction ******* *** **********?

* ***** **** *** **** ******** ********.

*** ** ***** ** ******, ****** **** **** ******* ***** it ** ***** * **** ****** ** ******** ** **. At *****, * ********* **, ******** **** ****** **** ********** it **** ******* ****** **** ******** ***** ***.

** **** ********** **** *****, ** ** **** ** ******** combination.

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

* ***** ***** * *** **** ******** ***** ** ******** the ********** ** * ****** ************ ** ********* **********...

** *** ***********, * ** *** **** **** *** ******** / ****** ** *** ****** ** ******** *********** (*.*., **** counts ** ***** ******** ****** ** **** ** ******). *******, one ***** ** ****** ** *********.*** *** ******** ********* ******* ****** *** '****' ******* $** ******* *******, ************* **** than *******. ** ***** ***** ** **** **********, ** ***** indicate *** ****** ******** ********.

**** ** * ****** ** **********- ** ******* **** ** a ****** *** ***********.

*** ******, *** **** ** *** *** *** **** **** sharp ************ **** **** **** ***** - **** **** ** the '*** **** * **** *******- * ******** ***** ******* focused ** ******* *** **** ***** *******.

*** **** *** **** ******** *** **** **** *** * very ****** ******** ** ********** *** **** *** ** ***** them *****.

*********, *** ******* **** ******* *** *** ****** *** **** the ******* ******* *** ** *********.

** ******* ** **** *** **** ************** **** ********* ******** a **** *********.

*** ** ***** *** *** **** ***, ******* *** ***** mass ****** **** ** *** * *** ****** ** *** back *** * ******'* *** ******* *** *** *****.

*** *** * *** ** ******** *********. ***** ** *** Worman *** *** **** ***** *** ** *********** ********* ******** that *** ******** **** * ****** ***. **** ********* ****** (tweaked ***** *** *** ** ******) ****** *** **** *** company **** *** ********* ** *****. **** "******" *** ******** resulted ** * **** **** *** *** *** ***** *** were ***** ****** ** **** * ***** ** *** *******.

***** ** ******** ************ **** **** * ***** *****, ***** is ****** ********. ***'* ***** ** **** ****** ** ** will ** *********** **** **** *** *****.

**** ** *******. **** **** ** * ********* **** ** generate **** **** *** ********* ************* ** ***** *****??

********* ************ ** **** *********?

***** **** **** **** ***** *** *** ***** ************ *********.

***.

*****. *** **** **********? * ******* **** *** *** ** that ******** **** ****/** *** *******. * ******* *** **** did ***** ******** (****** ***** ****** **** *** *-**** ****** advertised ** ***** *** **** ***** ** * ***.)

** ***** ** *** ********** ********? * ****, ***-***/****.

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

**** ***'* *******:*** ******* ********** ************ **** *********** ** ******* ******** ***** (ASG)

**************, *** ***** ** ** ***********, *** * ******.

***, ****** *** **** **** ******* *** *** *** *** press **** *****'* ****. * ** ***** ** *** ** accurate **************** ** *** ****** ** ** ***********. ** ********* makes **** ***** ***** *** **** ** **** *******.

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