ACRE has entered into a definitive agreement to acquire Open Options based in Addison, Texas. This purchase will enhance ACRE’s expansion plans for strengthening its access control business and product portfolio.
- This is the latest M&A activity since ACRE completed the acquisitions of ComNet (Danbury, Conn.) and Access Control Technologies “ACT” (Dublin, Ireland) businesses in 2016.
- Open Options will significantly increase ACRE’s position in the access control market, with emphasis on North America.
ACRE’s CEO, Joseph Grillo, stated that this transaction will continue to expand ACRE’s competitive position in a highly fragmented market with great growth potential. “The acquisition of Open Options boosts Vanderbilt’s reach in the access control market and enhances our product portfolio with the addition of an open architecture access control solution,” commented Grillo.
“With the international portfolio fully integrated, it was time to turn our focus to North America. We are pleased to join the ACRE organization with its strong global reach which will open new opportunities for the Open Options product range,” said Steve Fisher, Open Options Founder and CEO.”
Financial details of the transaction were not released. The transaction is expected to close in the fourth quarter of 2018.