Intelligent Monitoring Group to acquire KOBE Pty Ltd in strategic expansion

PERTH: Intelligent Monitoring Group (IMG), a leading security solutions provider, announced on February 17, 2025, that it has entered into a binding agreement to acquire KOBE Pty Ltd, a Queensland-based supplier of advanced security systems.

The acquisition is part of IMG’s strategy to expand its national footprint in the commercial and enterprise sectors.

Under the terms of the agreement, IMG will pay an initial cash consideration of $6.98 million, with a second deferred payment estimated at $1.92 million. The second tranche is subject to adjustments based on working capital, cash, and debt amounts at completion and will be determined by KOBE’s actual EBITDA for the financial year ending June 30, 2026.

The acquisition is expected to be immediately accretive to IMG’s earnings per share (EPS) and is projected to contribute approximately $2.5 million in proforma EBITDA for the 2025 financial year. This represents an acquisition multiple of 3.5 times EV/EBITDA.

KOBE, established in 1999, specializes in providing security systems to government, mining, industrial, retail, and other commercial customers, primarily in Queensland. The acquisition will be executed through IMG’s subsidiary, ADT Security Group Pty Ltd, and is expected to be completed this quarter, pending customary conditions.

Dennison Hambling, Managing Director of IMG, stated, “This acquisition represents another step in IMG’s strategy, through ADT, to build a comprehensive network of security technicians across Australia and New Zealand to support our enterprise and commercial customers.”

Hambling highlighted that ADT’s commercial business has grown significantly under IMG’s ownership, from $2 million in revenue prior to acquisition to an annualized rate of over $55 million by the end of December 2024. The addition of KOBE is expected to further bolster ADT’s growth as it aims to return to historical revenue levels of $125 million annually.

IMG has also provided guidance for adjusted EBITDA to reach or exceed $38 million for the 2025 financial year, excluding contributions from recent acquisitions. KOBE is expected to add $2.5 million to this figure on a proforma basis.

An investor presentation detailing the acquisition was lodged with the Australian Securities Exchange (ASX) on February 17, 2025. IMG will host a Q&A session via Microsoft Teams at 12 Noon AEDT, where Managing Director Dennison Hambling will discuss the acquisition and its implications for the company.