This Research Note reviews physical security acquisitions in the commercial smart buildings space over the last 12 months. We highlight significant M&A transactions in video surveillance, access control, electronic locking, alarm monitoring, fire detection & suppression, and life safety systems. 3 major transactions in the physical security sector were completed in 2023 – Carrier divested its global security business to Honeywell, Bosch acquired Paladin Technologies and ADT sold its commercial fire and security business. 10 Notable Physical Security Acquisitions Honeywell / Carrier Global Access Solutions Carrier’s Global Access Solutions was acquired by Honeywell Building Automation in December 2023 for $4.95 billion. With the addition of over $700 million in revenue and an accretive margin profile, Honeywell is transforming their building physical security products business into an access-focused, +$1B revenue player. GTCR / ADT Commercial In August 2023, ADT Inc. sold its commercial security, fire and life safety business unit to GTCR, a private equity firm, […]