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Global security products provider Allegion plc today announced it has entered into a definitive agreement to acquire Elatec GmbH, a leading access technology company backed by private equity firm Summit Partners, for €330 million (approximately $382 million USD).

The strategic acquisition is designed to expand Allegion’s global electronics portfolio, strengthen its position in attractive nonresidential markets, and deepen relationships with strategic channel partners.

“Elatec is an ideal complement to Allegion’s vision as a pure-play security and access solutions provider,” said John H. Stone, President and CEO of Allegion. “This acquisition brings proven technology, global reach, and a strong software stack that enhances our value proposition and supports long-term growth for our shareholders.”

Headquartered in Germany, Elatec specializes in security and access technology, notably radio frequency identification (RFID) readers that are deployed across a wide range of nonresidential sectors, including healthcare, hospitality, enterprise, and industrial. The company’s solutions support nearly 100 credential types, positioning it as a leader in interoperability and aligning seamlessly with Allegion’s “partner of choice” strategy.

Under the terms of the agreement, Elatec will report to Allegion’s International segment, and CEO Gerhard Burits will join Allegion to help lead integration and global expansion efforts.

“This is a powerful combination,” said Burits. “Elatec’s expertise in line-powered readers and Allegion’s strength in battery-powered solutions will enable us to offer a full suite of differentiated products to customers worldwide.”

The Allegion PE-backed security deal €330M will be funded through a mix of available cash and existing credit facilities. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions.