29 March 2022
Advent Partners is pleased to announce that its new fund, Advent Partners 3, has invested in Integrated Control Technology (“ICT”), a global provider of intelligent electronic access control and security products for commercial properties and critical infrastructure.
Founded in 2003 by Hayden and Rachael Burr, the Business is headquartered in Auckland, New Zealand, and has grown significantly, with operations now in the US, Canada, Europe and Australia. ICT’s best-of-breed Protégé range of products includes controllers, card readers and keypads, with its proprietary software and third-party integrations providing extensive functionality.
The Business is now at an inflection point and is looking to accelerate its global expansion plans as customers increasingly seek best-of-breed access control solutions to support greenfield projects and transition legacy solutions. The access control market is attractive at $11b globally, with the market expected to grow at ~9% p.a. from 2021-2026. ICT is well positioned to capitalise on this growth given its extensive functionality, deep integrations, and interoperability with third party products.
Advent’s investment in ICT is led by Symon Vegter and Robert Radcliffe-Smith. Symon Vegter said “We are extremely excited to partner with Hayden, Rachael, and the team at ICT as they look to capitalise on their market leading products and grow their global footprint. Advent views this as a global expansion opportunity and can see a path to triple the size of the business.”
Robert Radcliffe-Smith said “Investing in global advanced technologies is not new for Advent, having had success with SCADAGroup, a leading global provider of technology products to water utilities, oil and gas businesses, which grew 5x in value under Advent’s ownership. Similar to SCADAGroup, ICT’s commitment to R&D has created a leading, innovative and fully featured set of solutions. ”
Founders Hayden and Rachael Burr were a key factor in Advent’s decision to invest, and they will continue to lead the Business. CEO, Hayden Burr, said “Securing businesses has never been more important, and Advent Partners’ expertise will enable us to accelerate our growth and service more customers around the world. We are excited to work together in bringing our best-of-breed, innovative solutions to organisations and to make their business safer.”