A private investment firm with an interest in Toronto’s UCIT Online Security has also made an investment in Stealth Monitoring Inc., a Dallas-based video surveillance business focused on designing, installing and providing remote video monitoring solutions to multi-family residential, commercial and industrial businesses in the United States.
Auxo Management LP, an investment firm led by Robert Cherun and Erik Mikkelsen, invested in UCIT in 2011 and has since grown the business from 55 to 180 employees and 2 to 8 offices.
Stealth will work in partnership with Auxo’s portfolio company UCIT Online Security, a Toronto-based video monitoring company focused on construction and industrial remote video monitoring solutions with offices across Canada and Washington.
Stealth was founded in 2006 by Norm Charney, who will continue to run the company in Dallas together with his two sons, David and Rick.
The combination of Stealth and UCIT will include more than 300 employees, nine offices, and the ability to provide a full suite of security services across North America. The companies will have three video monitoring command centers across three countries monitoring more than 15,000 cameras.
Commenting on the acquisition, Norm Charney said: “We are very excited to partner with Auxo and UCIT. Our company has experienced immense organic growth and never considered a partner, but after seeing what Auxo has achieved with UCIT, we felt that joining forces would enable us to take the business to the next level.”
David Charney added: “UCIT has been investing heavily into people, technology and growth for years; they see the big picture – that video surveillance is still in its infancy and that it’s an increasingly important element in the safety of our country’s businesses and people.”
Mikkelsen commented “Both Stealth and UCIT have grown substantially driven by customer referrals, sharing an aligned focus on understanding specific industry and customer needs and objectives; not only for security but for managing risk and operations as well.”
Auxo’ Robert Cherun said the company plans to pursue innovation. “Recent innovations in machine learning, communications technology, and robotics have entered us into an unprecedented time in our industry. We plan on making a significant investment in technology, both internally and at our client sites to ensure we continue to offer best-in-class solutions for each of our customer segments”.
In addition to selling direct to businesses, Auxo plans on expanding their channel partnership program, whereby selected top-tier security integrators and guard companies resell video monitoring and other managed services within select markets. UCIT currently has channel partnerships across more than 20 locations.