CE Pro October 2023 - 23

Networking+Home Control
SECURITY CORNER
ADT Sells Commercial Business to Private Equity
SMART HOME and small business security giant ADT has entered
into a definitive agreement to sell its commercial security,
fire and life safety business unit to private equity firm GTCR for
$1.6 billion. The sale mirrors a similar transaction that occurred
earlier this year when Bose sold its Professional Audio Division
to Transom Capital Group, another private equity firm.
ADT stated that $1.5 billion of the sale will be used to cut
ADT's current debt.
The sale allows ADT to focus on its smart home, multifamily
consumer and small business markets, says Jim DeVries, the
company's president and CEO, in the announcement.
" With greater financial flexibility, we will be better positioned
to grow through our strategic differentiators and
innovative offerings, including our partnerships with Google
and State Farm, " DeVries says. " We will continue our journey
to be the premier provider of safe, smart and sustainable solutions
that meet the evolved definition of what safety means
to consumers today. "
According to DeVries, the transaction supports ADT's goal
to be the " premier provider of smart home and residential
solar solutions by leveraging (the company's) strategic differentiators:
innovative offerings, unrivaled safety and premium
customer experiences. "
GTCR is no stranger to the commercial security industry,
having completed its acquisition of electronic security alarm
monitoring company Protection One in 2010 among its many
transactions.
" This transaction is mutually beneficial for ADT and ADT
ADT plans to divest its commercial business in $1.6 billion deal
and focus solely on its residential and small business offerings.
Commercial, which will benefit from GTCR's support and
expertise, positioning the business to continue providing
best-in-class solutions and services to its customers, " DeVries
says in the company announcement. " We thank the entire
ADT Commercial team for their hard work and look forward
to seeing them grow. "
Dan Bresingham, president of ADT Commercial, says the
unit " has been instrumental over the last several years building
our commercial business success and bringing a depth of
value, experience, and knowledge to our customers.
" We are excited to partner with GTCR, an organization
that supports our mission and shares our passion to build this
business to become the premier service provider in the commercial
security, fire and life safety industry, " he says in the
announcement. The transaction has been approved by ADT's
board of directors and is expected to close in the fourth quarter
of 2023, subject to customary closing conditions, including
regulatory approvals, according to the announcement.
Google Home App Adds Support for 1st-Gen Nest Cam Indoor
" Beyond cameras, we'll
GOOGLE IS OFFICIALLY
expanding support for the
first-generation Nest Cam
Indoor in public preview of
the Google Home app, bringing
the indoor camera to the
company's smart home control
platform eight years after
launching the first device.
In a Google Nest Community
blog, Google says
the move brings its users
closer to a singular Home
app experience, letting
users manage their Nest
cepro.com
Cam Indoor alongside other
device sin the Home app.
Users can join the public
preview and via the Home
app, can transfer their camera.
However, this process
may take a few weeks as
Google slowly adds more
Nest Cam Indoor users each
week. Eligible Nest Cam Indoor
users will get an email
once access has been rolled
out to all users.
The Home app will allow
users to try new features
like an updated camera history
experience and adding
the camera to the Favorites
tab, allowing users to see
camera feeds on the app's
opening page.
Other older cameras will
remain in the Nest app until
Google supports their ability
to transfer to the Home app,
the company says. Google
plans to begin supporting
other Nest devices in the
Google Home app, including
the Nest Cam Outdoor.
continue to bring support
for many Nest devices and
features to the Home app,
one device at a time, while
maintaining privacy, security,
and experiences for our
customers, " Google states in
a blog post.
" Each device has its own
complexity and requires
migrating infrastructure,
updates to device software,
and evaluating if the hardware
can be supported. "
October 2023 CE Pro | 23
http://www.cepro.com
CE Pro October 2023

Table of Contents for the Digital Edition of CE Pro October 2023
