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DUBLIN - Security products provider Allegion plc (NYSE:ALLE), a $12.7 billion market cap company with a "GREAT" financial health rating according to InvestingPro, has acquired Gatewise Incorporated, a Houston-based provider of smart access control solutions for the U.S. multifamily market, according to a press release statement from the company.
Gatewise, founded in 2017, offers a cloud-based gate entry system for multifamily communities that includes a mobile app for residents and a management portal for property managers. The company’s technology is designed to integrate with property management systems.
Gatewise CEO Amit Sherman will join Allegion to help with integration and growth initiatives for the combined businesses.
"Making community access simple while also secure is at the center of our technology," Sherman said. "We integrate with leading property management systems, create ease of use with our app and ultimately alleviate the pains of traditional multifamily gate access products."
The acquisition aims to complement Allegion’s existing electronic locks and Zentra multifamily access solution by adding perimeter security capabilities to its unit and common area security offerings.
John H. Stone, Allegion President and CEO, said the combination will provide "a more complete access and security solution to multifamily properties."
Allegion, which reported revenue of $3.8 billion in 2024, designs and manufactures security and access solutions under brands including CISA, Schlage, and Von Duprin.
The financial terms of the transaction were not disclosed.
In other recent news, Allegion announced its plan to acquire ELATEC, a manufacturer of RFID credentials and reader solutions, for €330 million. This acquisition is set to be finalized in the third quarter of 2025 and will be financed through cash on hand and existing credit facilities. ELATEC is anticipated to generate approximately €60-€65 million in net sales by 2026, contributing positively to Allegion’s adjusted earnings per share. The purchase price suggests an estimated adjusted EBITDA multiple of about 18 times for 2026. John H. Stone, Allegion’s President and CEO, noted that ELATEC’s offerings align well with Allegion’s existing product lines. Post-acquisition, ELATEC will integrate into the Allegion International segment, with its CEO, Gerhard Burits, joining Allegion to aid in the transition. Allegion reported $3.8 billion in revenue in 2024, showcasing its strong presence in the security and access solutions market. The completion of this transaction is still subject to customary closing conditions.
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