Security and Intelligence Services (India) Ltd or SIS said on Friday it has agreed to acquire New Zealand-based alarm monitoring services firm Triton Security Services Ltd.
The acquisition will be made in cash for 5.58 million New Zealand dollars ($3.74 million or Rs 25.7 crore), said SIS in a stock market disclosure.
SIS will acquire Triton through its New Zealand-based unit Platform 4 Group Ltd, acquired earlier in February.
As part of the transaction, Platform 4 Group will also acquire Triton's subsidiary The Alarm Centre Ltd.
The acquisition is expected to help the SIS Group to add alarm monitoring offerings to its service portfolio in the New Zealand market.
SIS intends to close the deal by the end of the next month.
Triton, founded by Andrew Buist and Brent McIvor, clocked revenue of 2.68 million New Zealand dollars for 2018-19, down from 2.72 million New Zealand dollars a year earlier, according to the disclosure.
SIS was set up in Patna in 1985 and made its stock market debut in 2017. The company has made a number of acquisitions across its three verticals -- security services, cash logistics and facility management.
In 2018, SIS group managing director Rituraj Sinha had told VCCircle that the company had a war chest of Rs 1,000 crore for mergers and acquisitions across segments.
In April 2019, SIS said it will buy the remaining 50% stake in SIS Prosegur Alarm Monitoring and Response Service Pvt. Ltd from Singpai Alarms Pvt. Ltd.
In January, SIS had agreed to buy a 60% stake each in Singapore-based Henderson Security Services Pte. Ltd and Henderson Technologies Pte. Ltd. In December last year, it had agreed to buy a 51% stake in Bengaluru-based Uniq Detective and Security Services for about Rs 51 crore.
In October last year, SIS had agreed to acquire an 80% stake in Mumbai-based facility management services provider Rare Hospitality and Services Pvt. Ltd for Rs 50.4 crore. It would acquire the remaining 20% stake in 2020.
SIS competes with Tops Security Ltd and G4S in the security services segment. In the facility management, cash logistics and similar sectors, it competes with Quess Corp and Tenon Group.