Bangalore: Mayfield backed Mumbai based ATM e-surveillance firm, Securens Systems Private Limited has entered into a binding agreement to acquire Tata Group firm Nelco’s Managed Services business for about Rs. 2.60 crore (over $0.41 million) as a going concern on a slump sale basis. In the last fiscal, the return from the Managed services business was Rs 7.8 crore.
Founded by Sunil Ramanna Udupa in 2011, Securens Systems is a provider of alarm systems. The firm provides unique monitored intrusion Alarms which offer Internet Protocol messaging, dedicated communications and closed CCTV (closed circuit television) system to reduce damages. The company caters to a high value asset protection for Automated Teller Machines (ATM’s), banks, high value showrooms and retail establishments.
So far, Securens Systems has installed its alarm systems in more than 2000 ATMs across India. It has 14 major banks as its clients, namely State Bank of India, Axis Bank, ICICI and many others. Last year, the company raised funds of $6 million from its existing investor Mayfield.
Nelco, a subsidiary of Tata enterprises started in 1940, offer end-to-end solutions and services for the infrastructure, government and defence sectors. It has a country wide sales and services.
In recent time, Tata Power has acquired the Nelco’s defense sensors business of unattended ground sensors (UGS) for Rs 8.31 crore.