SimpliSafe, one of the nation’s leading providers of do-it-yourself home security solutions, announced on Friday that it has entered into an agreement to be acquired by private equity firm Hellman & Friedman LLC.
According to a statement, the transaction is expected to close in the third quarter of 2018 and is subject to the waiting period under the HSR Act and other customary closing conditions. Additional terms of the deal were not disclosed, however, multiple reports have placed the value of the deal at $1 billion.
"Home security is at an inflection point. Despite the market’s growth, today still only 20 percent of homes are protected. With innovative technology, unparalleled service, and radically fair prices, SimpliSafe is rapidly making its vision of ‘every home secure’ a reality,” SimpliSafe Founder and CEO Chad Laurans said in the statement.
SimpliSafe, which allows consumers to install their own security equipment with the option to purchase professional monitoring without a long-term contract, now protects over two million people nationwide.
Qatalyst Partners and Raymond James Financial served as advisors to SimpliSafe on the transaction and Goodwin Procter LLP acted as legal counsel to SimpliSafe. Simpson Thacher & Bartlett LLP acted as legal counsel to Hellman & Friedman. Kirkland & Ellis LLP served as legal advisor to Sequoia Capital.
