ACRE Wednesday announced today the strategic acquisitions of Feenics and Matrix Systems. Financial details of the transactions were not disclosed.
In a statement, ACRE said the acquisition of Ottawa-based Feenics brings cloud-based access control solutions to ACRE’s network of global customers while also expanding its portfolio to support the growing demand for cloud-based security solutions. Matrix enables ACRE to expand the addressable market for the company’s technology portfolio, offering customers a broader breadth of integrated access control and video surveillance technologies.
Founded in 2010, Feenics develops Keep, a cloud-hosted ACaaS platform. It integrates native visitor management and a RESTful API that allows integration of complementary systems and devices.
“We are extremely excited about joining forces with the ACRE organization,” said Sam Shalaby, founder and CEO of Feenics, in a statement. “ACRE has positioned itself as the technology leader in the delivery of trusted and reliable global security solutions. We share a common mission of constantly seeking new ways to best support the evolving needs of today’s mission-critical security environments.”
Based in Miamisburg, Ohio, Matrix systems has designed and built access control hardware for more than 40 years. It provides access control and security management technologies to a variety of organizations including Miami International Airport, The Ohio State University, Cleveland Clinic and General Electric.
“ACRE was an ideal fit for our business because we share a commitment to making sure our customers receive excellent service and support,” said Bruce Rogoff, CEO, Matrix, in a statement. “Additionally, our clients gain access to an innovative and compelling roadmap that builds on the proven Matrix product line with ACRE’s expertise in security.”
“Our goal is to bring the industry’s best technology innovators into our network of brands,” added Joe Grillo, CEO, ACRE. “Feenics’ cloud architecture and Matrix’s simplified approach to integration have helped both brands build significant loyalty from a wide range of customers in rapidly growing markets, and we look forward to supporting both brand’s continued growth.”
According to ACRE, Shalaby will remain with Feenics as its CEO, and Matrix management will join the ACRE team. Shalaby is also a long-standing member of SP&T News‘ editorial advisory board.
Imperial Capital served as financial advisor to Feenics.
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