SimpliSafe Sold to Private Equity Firm as Home Security Heats Up

Xconomy Boston — 

[Updated 6/29/18, 3:38 pm. See below.] More deal-making in home security today: SimpliSafe has sold a majority stake in the company to private equity firm Hellman & Friedman.

Terms of the deal weren’t disclosed in a press release. A spokeswoman says Hellman & Friedman “made a majority investment alongside” SimpliSafe management.

Founded in 2006, SimpliSafe sells a variety of Internet-connected home security devices, including cameras, motion detectors, and open-window sensors, and it provides a professional, 24/7 alarm monitoring service. SimpliSafe previously raised at least $57 million in venture capital from Sequoia Capital.

There has been a flurry of activity in home security technologies recently. Amazon (NASDAQ: AMZN) acquired Ring in February and Immedia Semiconductor last December. Santa Monica, CA-based Ring makes a connected doorbell security system, and Andover, MA-based Immedia makes the Blink line of connected home security cameras. Meanwhile, ADT (NYSE: ADT)—the home security company founded in 1874—went public in January, less than two years after private equity firm Apollo Global Management took it private.

New players are entering the market as well: Google-owned Nest launched a line of connected home security products last September.

Others are calling it quits. Cambridge, MA-based BeON Home, which had developed smart light bulbs with security features, is shutting down, the Boston Business Journal reported on Friday afternoon. [This paragraph added.—Eds.]