Ozone Enterprise Group, a company backed by Everstone PE Capital, has acquired Wallcam, a company engaged in Security and Surveillance business in India for an undisclosed sum. Following the acquisition, Wallcam will become a fully-owned subsidiary of Ozone.
“The idea behind acquiring WallCam was to give a head-start to our diversification plans, get accesses to WallCam’s existing business, the brand, sales and distribution network. We are excited about this new move as it is in synergetic with our growth ambitions and abilities,” said Alok Aggarwal, Founder & Managing Director at Ozone Enterprise Group said.
The group, which is eyeing a turnover of Rs 1,000 crore by financial year 2021, has been actively exploring options to diversify into new businesses, including security and surveillance.
The company plans to invest more than Rs 100 crore in next two years on diversification primarily on building manufacturing capability for CCTV cameras, security and surveillance products and Internet of Things (IoT) in India.
Ozone Group already has international tie-ups for product and software and is also looking at fresh equity influx to fund expansion in electronic security and surveillance business. A significant amount of this equity influx will be dedicated for a greenfield manufacturing unit for electronic security and surveillance, it said.
“Security and surveillance is one of the fastest growing industries in India, the market size of the industry from the current $1 billion is likely to grow 2.5-3 folds by end of 2021. We have been actively exploring options to diversify into this industry and after contemplating both organic and inorganic options, we finally narrowed down on taking the inorganic route with the WallCam acquisition, Aggarwal added.