Press release content from Business Wire. The AP news staff was not involved in its creation.
Brinks Home Security Announces Bulk Buy of Residential and Commercial Alarm Monitoring Contracts
January 5, 2021 GMT
DALLAS (BUSINESS WIRE) Jan 5, 2021
Monitronics International, Inc., which operates as Brinks Home Security ® has acquired approximately 30,000 residential and small business and 8,000 commercial alarm monitoring customers from Select Security.
“We are excited to welcome these Select Security customers to the Monitronics and Brinks Home Security customer family,” said Brinks Home Security Chief Executive Officer William Niles. “Our number one priority is protecting what matters most for our customers and we look forward to showing our new customers what award-winning smart home security feels like.”
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Brinks Home Security Announces Bulk Acquisition of Residential and Commercial Alarm Monitoring .
Brinks Home SecurityDecember 24, 2020 GMT
DALLAS-FORT WORTH, Texas, Dec. 24, 2020 (GLOBE NEWSWIRE) Monitronics International, Inc. and its subsidiaries (doing business as Brinks Home Security®), (“Brinks Home Security” or the “Company”) (OTC: SCTY) today announced that it has acquired approximately 30,000 residential and small business and 8,000 large commercial alarm monitoring contracts from Select Security (the “seller”) totaling approximately $2.0 million in recurring monthly revenue (“RMR”). Brinks Home Security will take ownership of the alarm monitoring contracts through an earn out structure that includes a $10 million upfront payment and a 50-month earn out period (“Earn Out Period”).
Brinks Home Security Announces Bulk Acquisition of Residential and Commercial Alarm Monitoring Contracts
Transaction Further Validates Low Cost Earn Out Structure, Largely Mitigating Attrition Risk
DALLAS-FORT WORTH, Texas, Dec. 24, 2020 (GLOBE NEWSWIRE) Monitronics International, Inc. and its subsidiaries (doing business as Brinks Home Security®), (“Brinks Home Security” or the “Company”) (OTC: SCTY) today announced that it has acquired approximately 30,000 residential and small business and 8,000 large commercial alarm monitoring contracts from Select Security (the “seller”) totaling approximately $2.0 million in recurring monthly revenue (“RMR”). Brinks Home Security will take ownership of the alarm monitoring contracts through an earn out structure that includes a $10 million upfront payment and a 50-month earn out period (“Earn Out Period”).