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WWW.DETEKTOR.COM • THE GLOBAL SECURITY MAGAZINE • PRODUCED BY AR MEDIA INTERNATIONAL AB • NO 1 2019
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W W W. D E T E K T O R . C O M • T H E G L O B A L S E C U R I T Y M A G A Z I N E • P R O D U C E D B Y A R M E D I A I N T E R N AT I O N A L A B • N O 1 2 0 1 9
Publisher’s comment
About time for Schneider to sell off Pelco
Security technology market
Video verification finally powers into intruder market
Business news
Security industry acquisitions made from January to March 2019
Product news
Vanderbilt SPC gains new cyber security accreditation
Event reports
Lennart Alexandrie, Publisher
• Secon in Korea continues to grow • New record at Intersec 2019 • Ifsec – The European highlight of the year
SpEcIal FEaTurE 1:
accESS conTrol
– Today and tomorrow
SpEcIal FEaTurE 2:
pErImETEr SEcurITy
– New technology is changing the market
Omslag1_Det_Int_1_19.indd 1 2019-04-02 14:05
About time for Schneider to sell off Pelco
s I write, Schneider Electric has entered into negotiations to sell Pelco, their video surveillance business, to the private equity firm Transom Capital Group. I cannot help but reflect on this. In 2007, Schneider Electric acquired the US video surveillance company Pelco for a stunning 1.22 billion US dollars. The idea was that this acquisition would complement Schneider’s building automation business. Founded in Fresno, California, 1957, Pelco was originally specialised in pan-tilt units and joysticks. In 1987, David McDonald acquired the company and at the end of the nineties and beginning of the 21st century Pelco – now with headquarter in Clovis, California – had a worldleading position on the surveillance equipment market. When Schneider acquired Pelco, the US company reported a revenue of 506 million US dollar for the financial year 2006. For 2018, the revenue has shrunk to approximately 169 million euro (approximately USD 185 million). The acqusition was not particularly good for Pelco, neither was it good for Schneider Electric. Synergies were not realised and Pelco’s contribution to the Schneider Electric building automation business was poor. The match was simply wrong. There are several reasons why it was a bad decision by Schneider Electric to acquire Pelco. In 2005 I visited Pelco in Clovis. I was stunned by the company culture, created by the owner, David McDonald (who passed away in early 2019). He was a strong personality, a great American patriot and a true entrepreneur. All these properties were reflected in his leadership. He built his own 9/11 memorial museum in the Pelco factory area of Clovis and his patriotism was also revealed by the uniform shirts – worn by all factory employees – and decorated with an American flag. David McDonald also had a loyalty programme for all the employees in the factory. Their work performance and workplace presence were registered and each individual rewarded with points, based on that. These points were to be used by the employees to purchase services and
A
goods in the shops within the facility area – for example, a travel agency. Loyalty bonds with customers were of course very important for Pelco and the company were very appreciated for its long-standing service, many times individualised for companies’ special needs. Loyalty was also achieved through social activities. A good example of this was Pelco’s annual parties in Las Vegas, in conjunction with the ISC West security exhibition. Venues for these very costly and extravagant parties were commonly exclusive nightclubs by the strip. These events attracted nearly thousand invited guests at each occasion and were really something extra. It certainly also corresponded very well with the image of Pelco – generosity to create loyalty. It was into this culture that Schneider Electric landed in 2007. It was not easy to implement a more restrained European corporate culture. Both employees and customers, who were accustomed to David Mcdonald’s most personal way of running Pelco, didn’t always get along with it. Another big problem – Pelco was stuck in the analogue technology market, where they have their strong customer base. Network technology had begun to gain momentum, but Pelco was not on board. Not surprisingly claimed many analysts that Pelco had passed its peak already when Schneider acquired the company in 2007. Pelco’s contribution to IP-video surveillance was extremely modest, and mainly about hybrid technology. It took many years before Pelco had a strong product range in network-based video surveillance. The acquisition of Pelco was a big mistake by Schneider Electric, economically culturally and technologically. Now it seems like they have found a buyer, Transom Capital Group, a Los Angeles-based private equity firm that invests in medium-sized businesses. The purchase price is now known, but Schneider has announced that the transaction, after the completed process, will trigger a booked non-cash loss of up to 250 million Euros. It will certainly be interesting to see how Pelco will develop with the new owner, once the acquisition is completed. One thing is for sure, this deal is not one day too early.
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