Assa Abloy, a Swedish lock company that owns Yale and August Home, has announced the acquisition of Irish security company HKC.
HKC, founded in 1991, offers control panels, presence detectors, keypads for security systems management, as well as cloud-based wireless security systems. It is based in Dublin and has a total 45 employees and has another office in Littleborough, Greater Manchester, Northern England. HKC claims to be the market leader in security products in Ireland.
“HKC offers a comprehensive portfolio of wired and wireless alarm products as well as monitoring solutions that is a very good way complements the Assa Abloy offering in the Irish market,” says Nick Delvaux, president and CEO of Assa Abloy, in a statement.
“HKC is a very attractive addition to Assa Abloy thanks to its market leading product portfolio, a strong track record of growth and new innovative product development,” says Neil Vann, market region manager for Assa Abloy’s UK division, in the statement.
The two companies are expected to integrate solutions for the growing smart home security market. The acquisition dollar amount was not disclosed.
Assa Abloy said it expects sales generated by HKC to reach €18 million in 2018. After the acquisition, HKC will become part of Assa Abloy’s multi-brand portfolio, while keeping its sales and operations teams.
Assa Abloy currently has 47,000 staff around the world. Its annual global sales totaled €7.3 billion in 2017.
In the smart home security market, the company owns the traditional lock brand Yale, which also makes smart locks now. The company also acquired smart lock startup August Home last year.