In this Research Note, we examine Convergint, a North American security systems integrator. This analysis covers the firm’s target vertical markets and M&A strategy and updates our previous analysis.

Headquartered in Schaumberg, Illinois, Convergint is a $2.0 billion systems integrator that designs, installs, and services electronic security, cybersecurity, fire and life safety, building automation, and audio-visual systems. Listed as the #1 North American systems integrator in SDM Magazine’s Top Systems Integrators Report for the past 5 years, Convergint has over 9,000 employees and 200 locations worldwide.

Completing 55 acquisitions since 2001, the company has significantly deepened its vertical market expertise across numerous sectors, particularly in data centers, utilities, healthcare and financial services.

Convergint announced in May 2023 that its Financial Sector Business achieved significant growth throughout 2022/2023. To meet customer demand, nearly 200 new technical colleagues were added to the team in the past year - including service and installation specialists dedicated to supporting the security, self-service and bank equipment needs of Convergint’s bank and credit union clients.

As the demand for advanced security systems in the financial industry continues to grow, the emerging technologies that maintain branch uptime by maximizing security and automating processes are evolving in response. Convergint works with two-thirds of the top 100 banks and credit unions in the U.S. - and in 2023, more than 1,500 Convergint colleagues across 185 locations served over 1,500 financial institutions globally, including 19 of the top 20 financial institutions in the United States.

Convergint Acquisitions in 2022

In 2022, a further 6 acquisitions were completed:

• In Dec 2022, Beckwith, a Texas-based integrator comprised of Beckwith Electronic Engineering, Co. and Beckwith Electronic Systems, LLC. Beckwith specializing in communication, security, and life safety systems. The acquisition added 140 staff to Convergint, expanding the company’s vertical reach and presence across the South Central region of the United States.
• In Sep 2022, MVP Tech, a UAE-based security and IT systems contractor serving private enterprises and government clients for the past two decades. The acquisition added more than 200 staff to Convergint and expand the company’s presence to countries in the Gulf Cooperation Council (GCC) and Middle East.
• In Aug 2022, Ojo Technology Inc., a Northern California-based security systems integrator in video and access control security. The acquisition expanded Convergint’s west coast presence and extends the company’s capabilities in the state, local, education, and transportation markets.
• In Apr 2022, Systems 28, Inc., an Ohio-based low-voltage systems integrator, specializing in fire alarm and life safety services. The acquisition provided increased growth opportunities for Convergint throughout Ohio, enabling the company to continue to serve its existing base of customers while adding some of the largest, local, regional, and global companies in the area.
• In Feb 2022, Prosys Services, an Australian tier-one provider in security management. Prosys Services was Convergint’s third acquisition in Australia, added 124 staff, a deepened presence in New South Wales (NSW), and a new office in the Australian Capital Territory (ACT).
• In Feb 2022, Dramis Communications Solutions Ltd., a Canadian telecommunications and networking reseller offering security, VOIP, and unified communications as a service (UCaaS) solutions. The acquisition expanded the company’s presence and delivery capabilities across every province in Canada.

Convergint is continuing to gain momentum beyond the Americas through inorganic growth and global expansion initiatives in Asia Pacific and EMEA.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.