Telco eyes home automation, cloud with new JVTelstra has today announced a joint venture with SNP, Australia’s third largest security firm, and will be known as Telstra SNP Monitoring.
The move will help Telstra establish a platform within monitored security and the new venture will provide monitoring services to home and business.
TelstraSNP Monitoring will be a separate entity to SNP Security.
The value of the deal was not disclosed but the JV marks a new phase of the company’s growth strategy, the company said in a statement.
No specific details about future plans for TSM were announced but a Telstra spokesperson said: “we’re keen to look at new opportunities including cloud, analytics, health and safety right through to the connected home” – a market that is massive at the moment.
Just today, Google-owned Nest purchased Dropcam for US$555 million.
Telstra and SNP are still finalising the settlement and the JV structure, which will be completed in the next month, the pokesperson said.
Telstra Business Group Managing Director, Will Irving, said the new venture was a logical fit given the reliance on telecommunication networks to deliver monitored security.
“Together we will provide an unrivalled set of productivity tools for small and medium businesses and great peace of mind and remote management options for households.
“I think there are a number of untapped areas of growth in the monitored security business and think that this joint venture establishes a strong platform as we build towards not only the connected home but the intelligent business.”
Tom Roche, SNP Security Managing Director, says the JV will allow SNP grow in the residential market.
“This is an exciting opportunity for SNP to grow our footprint in the residential market and we are proud to have been selected by Telstra for this joint venture,” he said.
“This joint venture will strengthen that position and generate additional growth and opportunities for both businesses and their customers.”