International. Nice announced the acquisition of Nortek Security & Control, a company owned by Melrose Industries. The transaction, valued at $285 million, is the largest investment made to date by the Italian multinational.
Nortek Security & Control is a technology developer for security systems, home automation, control, energy, AV and entertainment, access control, healthcare and artificial intelligence (AI) for the residential and commercial markets.
With this acquisition and addition of award-winning strategic brands, including 2GIG®, ELAN®, Linear®, MightyMule®, Proficient®, SpeakerCraft®, Gefen®, Xantech®, Panamax®, Furman®, numera® and IntelliVision® – Nice ensures that it expands its portfolio to provide a complete set of integrated solutions for residential, commercial, industrial and government customers, from consumer DIY to customized and installed specialty products. professionally and high security applications.
The move substantially strengthens Nice's presence in the North American market and doubles its R&D capacity to further accelerate innovation and expansion of integrated platform-based solutions, significantly expanding Nice's customer base globally in a fast-growing market. Nice and Nortek Security & Control partners will experience an improvement in their current relationships through a larger organization with an even stronger commitment to the channel. Nice is a global company with a regional presence to focus on its local markets and partners.
Faced with this novelty, Horacio Morales, Sales Director of Nortek Control, commented that "we are excited about the news; Nice Group purchased Nortek Control, which allows us to increase our R&D team. The goal is to be recognized as the leading brand offering integrated platform-based solutions in the smart home, security and building automation markets."
On the impact of this acquisition in Latin America, Horacio explained that "For Latin America, in the short term customers will be able to work with representatives of Nortek Control or Nice. Over time, our partners will gain access to a broader portfolio of integrated solutions from a global vendor. Taking advantage of our investment in Nortek Control representatives living in Mexico, Central America and South America, we will be able to serve the territory strategically."
Lauro Buoro, President and Founder of Nice commented: "This acquisition reinforces our strong commitment to North America and significantly expands our global presence. Nice now employs more than 3,000 people on five continents, spanning the most diverse backgrounds and cultures with 16 R&D centers and manufacturing facilities serving partners and customers in more than 100 countries."
"We are very excited to join Nice. Nortek Control has earned a reputation for providing the market with innovative and industry-leading platforms. With the addition of the Nice product lines, our consolidated organization will now offer one of the broadest and deepest portfolios of disruptive products on the market," said Christopher Larocca, President and CEO of Nortek Security & Control.
