LiveWatch Security LLC, a five-year-old startup security monitoring firm based in Evanston, has been sold for $67 million to Monitronics, the nation's second largest home security alarm monitoring company.
LiveWatch, headquartered at 620 Davis St., has 32,000 customer accounts nationwide while Monitronics has more than one million.
LiveWatch focuses on systems which permit do-it-yourself installation with professional alarm monitoring. Its CEO, Brad Morehead, says he founded the company out of frustration with the slow adoption of consumer technology by the industry.
Morehead, who's also an adjunct lecturer of innovation and entrepreneurship at the Kellogg School of Management, says LiveWatch will operate as a standalone subsidiary of Monitronics and that he'll continue to be based in Evanston.
An industry analyst said the price paid for LiveWatch was roughly twice the typical multiple for security monitoring firm acquisitions, based on LiveWatch's recurring monthly revenue of $900,000.