Singapore-based security services company Ademco Security Group Pte Ltd (Ademco) has acquired 60 per cent of one of Vietnam’s leading security solution providers TNT Technologies Joint Stock Company (TNT) as a part of its plan to grow overseas revenue by 50 per cent over the next three years.
This deal was done in partnership with International Enterprise Singapore (IE Singapore). The transaction value was not disclosed.
It marks Ademco’s first acquisition in Vietnam at it tries to local presence to capture the demand for integrated security solutions in business operations and management, Ademo said in its press release.
“Ademco expects to further increase its overseas revenue by 50 per cent over the next three years to drive business growth. Vietnam will be a key contributor to this through the acquisition,” the announcement noted.
Beyond Vietnam, Ademco is partnering IE Singapore to scale up in Asia including India and China.
Ademco Security Group Pte Ltd has worked with more than 8,000 institutional, commercial and government clients across Asia for more than three decades.
It has an annual turnover of approximately S$40 million, staff strength of more than 400 across 20 cities in Singapore, Malaysia, Philippines, China, Indonesia, and India.
IE Singapore is the government agency that promotes international trade and partners Singapore companies to go global. It provides in-market information on the industry landscape and facilitates pre-acquisition due diligence.
Established in 2005, TNT specialises in security solutions to clients across aviation, banking, manufacturing, oil and gas and retail. It has a respected track record, with notable projects for clients such as the Hanoi Noi Bai International Airport, Samsung Electronics Vietnam and Mektec Manufacturing Corporation.