Netwatch, the Irish security monitoring company, has announced the establishment of Netwatch Group, following investment from global private equity firm The Riverside Company “Riverside”.
The newly formed company sees Netwatch join forces with National Monitoring Centre “NMC” (California), CalAtlantic (Texas) and Onwatch Multifire (Sussex, United Kingdom) to become Netwatch Group, a new global leader in proactive security monitoring services.
Demand for visual monitoring is increasing due to global security threats such as terrorism, school shootings and an aging population. Headquartered in Carlow, Ireland, Netwatch Group will meet this growing demand for enhanced risk management and security expertise through its innovative surveillance technologies.
Speaking at the launch of Netwatch Group today, Taoiseach Leo Varadkar, TD said; “This is good news not just for Netwatch, but also for Carlow and the wider region. The company has developed innovative, proprietary technologies which have revolutionised the security market. I would like to commend the vision of David Walsh and Niall Kelly on their ambition to grow their company from its Carlow base which has been realised today with the transformation of Netwatch into a global Group operating on four continents. Netwatch Group has been supported since its earliest days by Enterprise Ireland and is yet another example of how Irish technology companies can win on the global stage. I wish Netwatch Group every success in the future.”
David Walsh, CEO, Netwatch Group said; “Today we are creating a global powerhouse in proactive monitoring services. There is increased demand for visual monitoring from enterprise customers, driven by the continuing evolution of technology and advances such as AI, Deep Learning, 5G and IoT (Internet of Things). We have the proprietary technology, developed by our R&D team in Carlow to meet this demand. We have ambitious growth plans which we will achieve through organic growth and further acquisitions”.
As a new leader in proactive monitoring services the firm will specialise in providing risk management, business continuity and security services to clients across the world. The new company will immediately protect over hundreds of thousands of customers across the US, Europe, Middle East and Africa with a network of six global communications hubs connected by the CRATOS, a technology platform developed by the Netwatch R&D team in Carlow.
Riverside has a track record of international technology investments, having completed more than 85 in its history. The deal is led by UK and Ireland Partner Dr. Martin Scott, who alongside Principal Laura Dillon, will sit on the board of the new group.
“Netwatch revolutionised the Irish security market with its business model and innovative remote visual monitoring technologies and has an ambition to lead the sector globally. It now monitors client sites on four continents and has grown rapidly since its foundation. We are delighted to back the management team as they realise their ambitions. This is our first investment in Ireland and we look forward to supporting more Irish companies that seek to become global players in their sectors”, said Scott.
“We are delighted that in Riverside we have secured a partner who shares our vision and aspirations to become a global leader in our sector and we look forward to executing our ambitious growth strategy with them”, said David Walsh.
Enterprise Ireland has supported Netwatch since its establishment in 2002. Speaking at today’s launch, Julie Sinnamon, CEO, Enterprise Ireland said: “Netwatch is a great example of an Irish company that has achieved success globally through innovation. Today’s announcement is a key milestone in the company’s journey and it will accelerate its growth and further strengthen the company’s base in Carlow.”
David Walsh added: “The U.S. is a key growth market for us and the combined strengths of NMC and CalAtlantic together with the Netwatch offices in Boston, Chicago and New Jersey provides a very strong platform. This along with the addition of 1,000 resellers in the USA will be transformative for us as we grow our presence in the US market”.
“Onwatch Multifire is an important addition bolstering our offering in the U.K. Onwatch Multifire also specialises in remote video monitoring and will be our U.K. HQ. It expands our base in a market that holds significant opportunities and will be the focus of renewed attention for us in the future. Having a significant UK presence also insulates us from the impact of Brexit”, he said.
Netwatch Group also announced the appointment of Samir Samhouri, as Chairman of the company. Mr Samhouri is an industry veteran who developed Xtralis to be a global leader in safety and security technologies. He will work closely with David Walsh, CEO in executing the company’s global expansion strategy.
Advisors to Netwatch were William Fry, EY, Grant Thornton and Bank of Ireland Corporate Banking.