Advent Partners has taken a 55% stake in Auckland-based Integrated Control Technology (ICT) for an undisclosed sum.
The growth capital firm has invested from its Advent Partners 3 fund which is currently being raised with commitments for about $400 million believed to have been made so far.
ICT was founded in 2003 by chief executive Hayden Burr who will continue to run the company. The remaining 45% of the business continues to be held by the Burr family.
ICT provides hardware and software which enables commercial property managers, property owners and tenants to control and monitor access to buildings and detect unauthorised entry. The separate areas of access control and intrusion detection are each the focus of many technology products, but ICT’s point of difference is bringing the two together in a single technology platform.
The company already has overseas operations in Australia, the US, Canada and Europe. Melbourne-based Advent believes it will be possible to triple the size of ICT’s business in a global market estimated to be worth $11 billion a year and expected to grow at 9% a year over the next five years.
Burr said Advent would be a strategic investor and, as a highly experienced investor in technology companies, would bring substantial knowledge and expertise which would support the growth of the business globally and help ICT further develop its products.
Advent partner Symon Vegter and managing partner Robert Radcliffe-Smith led the investment in ICT.
Vegter said Advent proposed a deal to ICT after being introduced by New Zealand advisory firm 360 Capital Partners.
Advent has made two other New Zealand investments in the last few years, in supply chain pricing platform Flint International and medical technology company Medtech Global.
In addition to 360 Capital Partners, PwC, EY, Sydney management consulting firm ctolabs and MinterEllisonRuddWatts advised on the ICT investment.