Security and Intelligence Services (India) Ltd (SIS) stated it’d purchase the closing 50% stake in SIS Prosegur Alarm Monitoring and Response Service Pvt. Ltd (SPARES) from Senpai Alarms Pvt. Ltd.
SIS will pay a consideration of Rs 20 crore for the acquisition of SPARES to emerge as its utterly-owned subsidiary, said SIS in a stock market disclosure. The acquisition is anticipated to be finished this month, it added.
SIS presently holds 22.Five stake in SPARES even as 27. Five is controlled via its different wholly-owned unit, Service Master Clean Ltd.
Founded in 2015, SPARES provides alarm monitoring and response services across 1,365 websites to around 880 clients, including personal area banks, non-public residences, and industrial complexes. The Gurugram-primarily based organization has over 106 personnel. SPARM’s turnover rose from Rs zero.28 crore within the financial year ended 31 March 2017 to Rs 2.04 crore on 31 March 2018.
SIS was set up in Patna in 1985 and made its inventory market debut in 2017. The business enterprise has made several acquisitions throughout its three verticals — security offerings, coins logistics, and facility management. In 2018, SIS group handling director Rituraj Sinha had instructed VCCircle that the agency had a warfare chest of Rs 1,000 crore for mergers and acquisitions across segments.
Earlier in February, SIS had agreed to shop for a fifty-one % stake in New Zealand-primarily based Platform Four Group Ltd to extend its foreign places commercial enterprise. In January, SIS decided to buy a 60% stake each in Singapore-based Henderson Security Services Pte. Ltd and Henderson Technologies Pte. Ltd for approximately $31.Eight million. In December, for the remaining 12 months, it had agreed to shop for a fifty-one % stake in Bengaluru-based Uniq Detective and Security Services for approximately Rs 51 crore.
In October, SIS had agreed to acquire an eighty stake in Mumbai-based total facility management services company Rare Hospitality and Services Pvt. Ltd for Rs 50.4 crore. It could gather the closing 20% stake in 2020.
SIS competes with Tops Security Ltd and G4S in the safety offerings phase. In the ability management, cash logistics, and comparable sectors, it competes with Quess Corp and Tenon Group.