Hills Holdings Acquires LAN1
by Security Electronics and Networks | @Articles News | August 23, 2012, 7:00am AEST
Lan1 is a leading solutions provider of IP Storage, IP Networking, IP Security and IP CCTV and access control.
“In recent years the businesses in our Electronics & Communications Division have all been experiencing the transition from analogue technology to digital technology,” said Hills chief executive officer, Graham Twartz. “Access to products and services in support of IP and networking applications is important for the future development of our businesses.”
Twartz noted “This acquisition demonstrates a further step in Hills strategic direction to invest in emerging and growing technologies to complement our market leading position in Electronics & Communications markets.”
Lan1 is expected to turnover in excess of $30M in financial year 2013 and provides engineering support, training, assistance with design and configuration and implementation of IP products.
Lan1 is based in Sydney with operations in key states. It is Hills intention to run Lan1 as a stand-alone entity while leveraging its product range and network expertise to other Electronics &Communications businesses.
Lan1 CEO Daniel Lee said Lan1 was delighted to be joining the Hills team.
“Having Hills support and infrastructure provides us a platform to enable significant growth,” Lee said. “Our technology offerings integrate extremely well into the Hills Electronics & Communications group and we look forward to working closely with them”.
The transaction is subject to a number of pre conditions and is expected to settle in October 2012.