UTC to Acquire LENEL

Tuesday 22 March 2005 17:49 CET | News

United Technologies Corp. (UTC) has announced plans to acquire Rochester, N.Y.-based Lenel Systems International. The purchase is subject to regulatory clearance.

The purchase price is approximately $400 million. The transaction is expected to close in the second quarter, and will not have a significant impact on UTC’s 2005 revenues or earnings. Lenel is a leader in the development and delivery of scalable, integrated security software systems and business solutions targeted at the commercial and government security market. The privately held company employs approximately 150 people and has customers in 75 countries. It will report as an independent entity to Olivier Robert, president of UTC’s fire and security business, Chubb. Lenel’s flagship product is its OnGuard suite of security software products, which includes access control, smart cards, alarm monitoring, digital video, biometrics, intrusion detection, and employee and visitor management capabilities. Lenel was founded in 1991 by Elena and Rudy Prokupets. More than 8,000 Lenel security systems have been installed for clients that include more than half the Fortune 100. United Technologies, based in Hartford, Conn., is a diversified company that provides high technology products and services to the aerospace and commercial building industries worldwide.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce