A Tallaght security-tech firm has been snapped up by a German industry giant
Access Control Technology is being acquired by Vanderbilt for an undisclosed sum.
A GERMAN SECURITY giant has snapped up Dublin-based Access Control Technology (ACT) to strengthen its foothold in the security systems market in Ireland and the UK.
ACT, which was founded in Ireland during the mid-1990s, has specialised in designing and manufacturing home and commercial security door systems.
Its Irish operation employs over 30 people, but the company also has a base in Manchester and sells products into the rest of Europe, the Middle East and Asia.
The deal, financial details of which haven’t been disclosed, is one of several Vanderbilt has completed in recent years.
The German company has been on the acquisition trail, making a bold statement of its global intentions in 2015 when it bought out Siemens Security Products.
ACT managing director David Tymlin said the deal will help open his company to new market opportunities.
“In the course of just a few years, Vanderbilt has established itself as a fast growing market leader and we recognized a wonderful opportunity to become part of their future success,” he said.
No one from ACT was available for comment when Fora contacted the company for more information about the transaction.
Vanderbilt’s chief executive Joseph Grillo said his company has just finished integrating Siemens’s business into its own and that made it right time to look at new companies to acquire.
The latest account filings for ACT show the company had accumulated profits of €2.9 million, however it delivered a loss of €860,000 in the year ending December 2014.
Prior to the most recent period, it had been making steady profits for a number of years and still had nearly €400,000 in cash at the bank. The purchase is expected to be finalised in the final quarter of this year.
