Dormakaba has completed the acquisition of Solus Security Systems Pvt Ltd, a market leader for integrated Electronic Access & Data solutions in India. Solus Security Systems (Solus) provides integrated solutions for access control, time and attendance, visitor management, vehicle access and security, as well as the services required for managing these solutions.
Based in Bangalore (India) with multiple further locations, Solus is a reputable brand recognised for its dedicated, customer-centric solutions. It has a pan-Indian coverage for systems integrators and mid-sized end-customers in nearly all verticals, supported by around 200 employees, thereof around 130 service technicians. The company generated single-digit million sales in Swiss francs in the financial year 2020/21 ending 31 March 2021.
The parties have agreed to not disclose further financial details of the transaction, which Dormakaba expects to be accretive to Group EPS and EBITDA margin from day one.
“The acquisition of Solus fits into our strategy to become a leader in smart, secure and seamless access solutions. Solus provides excellent growth opportunities as we expand our Electronic Access & Data business in India with a wide range of products, additional sales channels, and a large customer base. We will furthermore leverage the companies’ products and software expertise to grow in other Asian markets, as Solus becomes an integral part of our Asia-Pacific platform. We are looking forward to welcoming the team,” says Jim-Heng
Lee, Dormakaba COO AS APAC.
Solus Owner and Managing Director Narasimha Swamy adds: “The business combination will lead to multiple synergies with expanded product portfolio and market presence and will enhance our customers’ value in terms of better solution offering and services.”
