With the acquisition of Nortek's brands—including 2GIG, ELAN, Linear, MightyMule, Proficient, SpeakerCraft, Gefen, Xantech, Panamax, Furman, numera and IntelliVision—Nice expands its portfolio to provide a suite of integrated solutions for residential, commercial, industrial, and government customers, from consumer DIY to custom and professionally installed specialized products and high-security applications.
The move substantially strengthens Nice's presence in the North American market and doubles its R&D capacity to accelerate innovation and expansion of platform-based integrated solutions, considerably enlarging the Nice customer base globally in a fast-growing market. The partners of Nice and Nortek Security & Control will experience an enhancement of their current relationships through a larger organization with an even stronger commitment to the channel. Nice is a global company with a regional presence to focus on its local markets and partners.
Founded in the 1960s as Linear Corp., Nortek Security & Control has a vast portfolio of products, over 200 patents, and 12 leading brands across security, access control, AV, power management, smart home, AI and personal health.
In March, Nortek Security & Control released the 2GIG EDGE Security and Automation Panel with AI and edge analytics, winning several industry awards. The new panel for the pro-install security market delivers secure face recognition touchless disarm. Developed with edge processing, the panel's engineering ensures homeowner's biometric data stays secure by saving it only on the panel.
In North America, the portfolio of brands under Nice includes Abode, Nice and HySecurity in addition to well-established gate, door, sunshade, and smart security offerings. The acquisition instantly increases reach and scales growth through existing Nice distribution channels and with those of Nortek Security & Control. Partners of each organization will experience streamlined communication from one brand to the next and, in time, will have access to a broader portfolio of integrated solutions.
Business will be conducted as usual throughout 2022. The North American organization will immediately begin collaborating with the Nortek Security & Control team on blending portfolios and operations to emerge fully integrated in 2023.
The transaction, valued at $285 million, is the largest investment to date by Nice.