Threat Protect Australia has negotiated $A49 million in funding, $35 million of which will be used to acquire security alarm monitoring business, Onwatch.
The acquisition is part of Threat Protect’s growth strategy. In 2018, it acquired a Western Australia-based monitoring business, as well as a major South Australian security business.
Onwatch was founded in 2005, has monitoring stations in NSW and Victoria and supports 29,000 lines, 18,000 being direct clients and 11,000 being bureau clients.
Threat Protect managing director Demetrios Pynes said Onwatch was an important addition of scope to its business.
“This business will enable us to capitalise on our previous expansion into the east coast and by expanding into Victoria we further diversify our connection base and stable of resellers,” he said.
Threat Protect expects the diversification benefits will flow through to the bottom line, adding in excess of $12 million in annual recurring revenue. Annual monitoring revenue will be boosted to $24 million. Ω
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