Bosch Building Technologies made a splash in the security integration and smart buildings market on Wednesday by announcing its intention to acquire Canadian-based security integrator Paladin Technologies in a move that will vastly increase Bosch’s integration presence in North America. The purchase price will not be disclosed, and it is subject to approval by regulatory authorities.
In a press statement, Christian Fischer, deputy chairman of the Bosch board of management responsible for the company’s Energy and Building Technology and Consumer Goods business sectors, said the move was necessary to support the company’s Climatec business, which was acquired in 2015.
“Energy efficiency and security needs are driving factors for the modernization of commercial buildings, particularly in the North American market,” Fischer said. “These long-term trends have contributed to the growth of Climatec, which has significantly increased its sales and workforce since we acquired them in 2015. We want to continue Bosch’s success in the delivery of these vital services in the region, and helping make buildings greener, smarter, and safer.”
Specifically, Bosch’s Energy and Building Technology business sector reported strong growth with its energy- and cost-efficient commercial building and building services portfolio. The business – including Bosch Building Technologies and Climatec – grew in 2022 by 17.4 percent.
“The acquisition of Paladin Technologies enables Bosch Building Technologies to significantly expand its system integration business in North America by entering the Canadian market and increasing its US operations,” Thomas Quante, president of Bosch Building Technologies said in the release.
Paladin, an active acquirer of security integration companies itself, employs approximately 1,500 associates across 35 locations in Canada and the U.S., with projected 2023 sales approaching $400 million. Climatec has nearly doubled in size since its 2015 acquisition, with its offices and services including Arizona, Texas, Nevada, California, New York, and New Jersey.
“We’ve been impressed by the success of Bosch’s building services growth in the U.S., and look forward to succeeding together as we build upon our shared values of innovation, teamwork, and the development of our people,” Ted Reid, CEO of Paladin Technologies, said in a statement.
With its market presence in Canada and key metropolitan areas in the U.S., Paladin was an ideal addition. The company serves the entire Canadian market with 18 offices and the US market with 17 offices across New York, Texas, California, the Southwest, Pacific Northwest and Midwest regions. In 2017, Paladin Security merged with Marcomm Systems Group and CONTAVA to form the largest Canadian security integration company. Subsequent Paladin acquisitions included Commercial Security Integration (CSI) of Texas and VTI Security of
Minnesota in 2021. While no official word was given in the press release regarding the continuation of the Paladin brand, Climatec did continue to operate under its brand name post-acquisition.
