World News: 14:00 GMT Monday 11th February 2019. [ADT Inc. via Globe Newswire via SPi World News]
Builds Company’s Growing Platform in the DIY Home Security Segment
Further Enhances Ability to Meet the Security Needs of Consumers
BOCA RATON, Fla., Feb. 11, 2019 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE: ADT), a leading provider of monitored security and interactive home and business automation solutions in the United States and Canada, today announced that it has acquired LifeShield, LLC, a pioneer in advanced wireless home security systems, in a transaction valued at approximately $25 million. John Owens will continue in his current capacity leading the LifeShield team.
Founded in 2004, LifeShield was the first to bring a wireless DIY home security offering to the residential market. Over the past 15 years, LifeShield has further redefined residential home security, improving interactivity, advancing video capabilities and enhancing the overall user experience.
The addition of LifeShield’s innovative technology to ADT’s leading security and automation solutions and expertise increases ADT’s ability to address the approximately 80% of U.S. households who do not have professionally installed and monitored home security.
“As more consumers look for real protection solutions that only ADT can provide, we look for companies that share our passion for security, customer service, and innovation,” said ADT President and CEO Jim DeVries. “We are confident that LifeShield’s capabilities and approach, combined with the brand and scale of ADT, will create an opportunity for us to offer our services to a broader cross-section of U.S. households. Together with LifeShield we will be positioned to offer more solutions to a broader base of customers and create increased value for our shareholders as we seek to grow profitability through expanded, yet focused offerings.”
“This combination unites the passion and commitment of two organizations that are focused on security,” said Mike Hagan, LifeShield Chairman, who will continue as an advisor. “Leveraging ADT’s significant experience integrating products, we look forward to working together to ensure a seamless transition and capitalize on the attractive market opportunities in the DIY segment. Together we will continue to advance our strategy to deliver the best security solutions to our customers at every stage of their lives.”
LifeShield was the first national, professional grade and professionally monitored wireless home security system to use an easy to set up “plug and protect” process, providing superior home security and the best value in home security. LifeShield was acquired by an affiliate of Hawk Capital Partners LP in 2017.
Morgan Lewis acted as legal advisor to LifeShield and TCF Law Group acted as legal advisor to ADT. Raymond James served as financial advisor on the transaction.
ADT has made statements in this press release and other reports, filings, and other public written and verbal announcements that are forward-looking and therefore subject to risks and uncertainties. All statements, other than statements of historical fact, included in this document are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. These forward-looking statements relate to anticipated financial performance, management's plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions and other matters. Any forward-looking statement made in this press release speaks only as of the date on which it is made. ADT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Forward-looking statements in this press release include statements regarding future growth and opportunities in the DIY market, seamless transition of LifeShield into the ADT organization and other statements that can be identified by various words such as "expects," "intends," "will," "anticipates," "believes," "confident," "continue," "propose," "seeks," "could," "may," "should," "estimates," "forecasts," "might," "goals," "objectives," "targets," "planned," "projects," and similar expressions. These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. ADT cautions that these statements are subject to risks and uncertainties, many of which are outside of ADT's control, and could cause future events or results to be materially different from those stated or implied in this document, including among others, risk factors that are described in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission , including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein.
Globe Newswire: 14:00 GMT Monday 11th February 2019
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