The business generated revenues of approximately €30 million in 2009 and employs around 200 people. The transaction excludes other Zicom Group companies, such as the retail business and the joint venture based in Dubai.
Zicom is the largest independent integrator of electronic security systems in India. The company has completed more than 1,000 projects in infrastructure (city surveillance, trains, airports, etc.), government buildings, commercial buildings, and luxury hotels, a sector in which it is very well positioned.
Chris Curtis, Managing Director of Schneider Electric's Buildings business, stated: “By combining Schneider Electric's global offerings, along with Pelco's offerings as a world leader in video surveillance, with Zicom's execution capabilities, deep market knowledge, and commercial initiative, we expect to achieve leadership in India for fully integrated building management systems. In parallel, we will continue to collaborate with our systems integration partners in India.”
Olivier Blue, Managing Director of Schneider Electric India, added: “This acquisition reaffirms our commitment to this market and represents a new stage following the development of recent years and the 2009 integration of Conzerv Systems and Meher Capacitors, leaders in energy efficiency. Energy and safety management are among the main challenges for India and are two growing markets in the country. After the transaction, Schneider Electric will be in an even stronger position to capitalize on these opportunities with the support of its 8,000 employees.”
The transaction, subject to closing conditions and approval by Zicom shareholders, is expected to be completed in April 2010. This acquisition meets Schneider Electric's established profitability criteria.