This deal was done in partnership with International Enterprise Singapore (IE Singapore) and seen as a part of its plan to grow overseas revenue by 50% over the next three years. The transaction value was not disclosed.
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It marks Ademco's first acquisition in Vietnam as it tries to make its local presence to capture the demand for integrated security solutions in business operations and management, Ademo said in its press release on February 8.
"Ademco expects to further increase its overseas revenue by 50% over the next three years to drive business growth. Vietnam will be a key contributor to this through the acquisition," the announcement noted.
Beyond Vietnam, Ademco is partnering up with IE Singapore to scale up in Asia, including India and China. Ademco Security Group Pte., Ltd. has been working with more than 8,000 institutional, commercial, and government clients across Asia for more than three decades.
It has an annual turnover of approximately S$40 million (US$30.1 million), staff strength of more than 400 across 20 cities in Singapore, Malaysia, the Philippines, China, Indonesia, and India.
IE Singapore is the government agency that promotes international trade and accompanies Singaporean companies on their journey to go global. It provides in-market information on the industry landscape and facilitates pre-acquisition due diligence.
Established in 2005, TNT specializes in security solutions to clients across aviation, banking, manufacturing, oil and gas, and retail. It has a respected track record, with notable projects for clients such as Hanoi Noi Bai International Airport, Samsung Electronics Vietnam, and Mektec Manufacturing Corporation.
With this latest acquisition, Ademco will be able to tap into TNT's expertise, increase its reach through its MNC client base in Vietnam, and strengthen operational efficiencies, IE Singapore and Ademco said.
To help Ademco make a clearer assessment of Vietnam's market potential and better time its entry into the market, IE Singapore provided in-market information on the industry landscape and facilitated the pre-acquisition due diligence process.
