Security and Intelligence Services (India) Ltd has agreed to buy a 51% stake in New Zealand-based Platform 4 Group Ltd to expand its overseas business. The Indian company will pay 1.34 million New Zealand dollars (about Rs 6.5 crore) in cash for the 51% stake in Platform 4 Group, it said in a stock-exchange disclosure. The company has an option to buy the remaining 49% stake in 2021.
The Delhi-based company will pick up the stake through unit SIS Australia Group Pty Ltd. The transaction is likely to be completed soon. SIS said the acquisition will give an entry into the New Zealand market. It will enable expansion of its Australian business operations into New Zealand.
Delhi-based SIS had ventured into Australia in 2008 with the purchase of MSS Security from Chubb Security Australia Pty. Ltd.
Auckland-based Platform 4 Group (P4G) provides guard services, patrols and monitoring services, and event services. Its main customers are in manufacturing, construction, hospitality and commercial sectors. P4G employees around 1,100 people and has nearly 300 customers, according to the release. The company’s revenue was 7.8 million New Zealand dollars for the financial year 2018, up from 5.4 million the previous year.
Last month, SIS agreed to buy a 60% stake each in Singapore-based Henderson Security Services Pte. Ltd and Henderson Technologies Pte. Ltd for about $31.8 million. In December last year, it agreed to buy a 51% stake in Bengaluru-based Uniq Detective and Security Services for about Rs 51 crore. In October, SIS agreed to acquire an 80% stake in Mumbai-based facility management services provider Rare Hospitality and Services Pvt. Ltd for Rs 50.4 crore. It would acquire the remaining 20% stake in 2020.