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10.08.2010 13:06
© fraboof @flickr.com
ISS, the world’s leading facility services provider, acquires 49% of Indian security firm SDB Cisco. The acquisition secures ISS a leading position in one of the world’s fastest growing markets for outsourced services and provides ISS India with a comprehensive service offering of cleaning, catering, pest control and security.
“We are very happy about this acquisition, which is a major step forward for ISS in India and for the Group’s ambitions in Asia. We achieve a significantly stronger position in one of the world’s fastest growing markets,” says Jeff Gravenhorst, Chief Executive Officer, ISS Group.
The stake in SDB Cisco is ISS’ third large acquisition in India following Shivas (catering) in 2007 and Godrej (pest control) in 2009. SDB Cisco provides manned guarding, cash and valuable transportation, and electronic security services. The company has had annual organic growth rates of 20-40% for the past five years and has revenue around DKK 365 million.
SDB Cisco employs 27,000 people. Combined, ISS India and SDB Cisco will have 45,000 employees, making India the second largest ISS operation.
“India is one of the fastest growing economies in the world and will be for the foreseeable future. We expect strong double digit revenue growth in the years to come,” says Jeff Gravenhorst.
ISS and two employee welfare trusts acquire 100% of the shares in SDB Cisco. The objective of the trusts is to create value and improve health and safety for the employees. ISS will own 49% of the company and the trusts 51%. The sellers are Sicagen, a listed company in Chennai, and Singapore-based Certis Cisco.
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