ASSA ABLOY acquires 3millID and Third Millennium in the US and UK

Rhea-AI Summary

ASSA ABLOY has signed an agreement to acquire 3millID and Third Millennium Systems , specialists in readers and credentials for physical access control based in the US and UK. 3millID, founded in 2015 and based in Colorado, provides proprietary access control readers to North American enterprise customers. Third Millennium, established in 1996 in Wales, serves UK and European enterprise and government customers.

The companies, which have maintained a commercial partnership since 2015 in technology development and sales, employ approximately 40 people combined. They will join HID's Physical Access Control Solutions Business Area. Their combined sales for 2023 reached MUSD 21 (MSEK 220) with a strong EBIT margin. The acquisition is expected to be EPS accretive from the start and close during Q1 2025, subject to customary conditions.

Positive

• Combined sales of MUSD 21 with strong EBIT margin
• Acquisition expected to be EPS accretive immediately
• Expands ASSA ABLOY's physical access control technology portfolio
• Strengthens presence in US, UK, and European markets

Negative

• None.

STOCKHOLM, Jan. 8, 2025 /PRNewswire/ -- ASSA ABLOY has signed an agreement to acquire 3millID Corporation and Third Millennium Systems Ltd ("3millID and Third Millennium"), companies within readers and credentials for physical access control based in the US and UK.

"I am very pleased to welcome 3millID and Third Millennium into the ASSA ABLOY Group, exciting technological additions that will reinforce our current offering within physical access control, and provide complementary growth opportunities," says Nico Delvaux, President and CEO of ASSA ABLOY.

"Welcoming 3millID and Third Millennium into the HID family demonstrates our continued investment in core physical access control technologies. These acquisitions bring new opportunities to increase customer choice and relevance within our portfolio and will enhance our presence outside of the United States," says Björn Lidefelt, EVP and Head of HID.

Founded in 2015 and headquartered in, Highlands Ranch, Colorado, 3millID is a solutions provider of proprietary access control readers and technology-enabled products to enterprise end customers in North America. Third Millennium, founded in 1996 and based in Wales, UK, is a provider of access control solutions and software to enterprise and government end customers in the UK and Europe, with robust in-house technology expertise.

Since 2015, the two companies have had a commercial partnership, encompassing technology development and sales. The two companies have a total of some 40 employees and will be part of HID´s Physical Access Control Solutions Business Area.  

Sales for 2023 amounted to about MUSD 21 (approx. MSEK 220) with a strong EBIT margin. The acquisition will be accretive to EPS from the start.

The acquisition is subject to customary closing conditions and is expected to close during the first quarter of 2025.

For more information, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72                
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/assa-abloy/r/assa-abloy-acquires-3millid-and-third-millennium-in-the-us-and-uk,c4088665

The following files are available for download:

https://mb.cision.com/Main/7333/4088665/3195353.pdf	Press release (PDF)
https://news.cision.com/assa-abloy/i/assa-abloy-logo-door,c3366530	ASSA ABLOY logo door

View original content:https://www.prnewswire.com/news-releases/assa-abloy-acquires-3millid-and-third-millennium-in-the-us-and-uk-302345514.html

SOURCE ASSA ABLOY

FAQ

What is the value of 3millID and Third Millennium's 2023 sales for ASAZY?

The combined sales for 2023 amounted to approximately MUSD 21 (MSEK 220).

When is ASAZY expected to complete the acquisition of 3millID and Third Millennium?

The acquisition is expected to close during the first quarter of 2025, subject to customary closing conditions.

How many employees will ASAZY gain from the 3millID and Third Millennium acquisition?

The two companies have a combined total of approximately 40 employees.

How will the 3millID and Third Millennium acquisition impact ASAZY's earnings per share?

The acquisition is expected to be accretive to earnings per share (EPS) from the start.

Which business unit will 3millID and Third Millennium join within ASAZY?

Both companies will be part of HID's Physical Access Control Solutions Business Area.