The West Palm Beach corporate offices of Security Networks are closing, after the company was sold to a Dallas-based company, and 178 people will be laid off by mid-March.
The office at 3223 Commerce Place will be completely closed by March 15, according to a letter received Dec. 10 by the Florida Department of Economic Opportunity.
Five employees in the accounting office were given termination notices with Feb. 7 as their final day, according to the letter. The remainder of the 178 employees should receive notice this month, the letter states.
“The employment loss at the Company’s West Palm Beach offices will be permanent,” the letter states.
Dallas-based Monitronics International bought Security Networks in August 2013, gaining its 200,000 accounts, according to Monitronics’ website.
Monitronics is owned by holding company Ascent Capital Group. Ascent paid $482.9 million and issued 253,333 shares of Ascent Series A common stock to acquire Security Networks, according to financial records posted by Monitronics.
In 2013, trade publication SDM Magazine ranked Monitronics fifth among U.S. companies that install and monitor electronic security systems with $350 million in gross annual revenue and 812,539 subscribers.
By comparison, Security Networks was ranked 14th with $78 million in revenue and 172,339 subscribers, according to SDM.
Security Networks was started in 2000 by Richard Perry, who had sold a prior security business to ADT, the Boca Raton-based industry leader. The company saw its growth accelerate because of an affiliate partnering model and a capital partner it added in 2005.
In comparison, ADT brings in $3 billion each year with 6 million subscribers, according to SDM.