Phoenix, AZ – Lockersys, the online store for locksmith and locksmithing equipment, has just announced a $200 million deal with Oracle to acquire the locksmith company Phoenix Technology.
The deal is expected to close in the third quarter of 2018.
Phoenix will continue to operate as a subsidiary of Oracle and is currently working with the company to create new technology.
The company is already working on new technologies to enhance their inventory and improve their customer service.
The lock company has also been working on innovative ways to improve the security of their products.
In addition to the deal, the company is looking to expand its footprint in Arizona and is in the process of completing a new facility in Tucson.
The facility will allow the company more control over their inventory.
The move comes after Phoenix was one of two companies chosen by Oracle to join its new cloud-based lock technology called Keychain to allow customers to store and access their data on their own.
In a press release, Phoenix CEO Steve Dyer said the acquisition will allow Phoenix to build its own technology and continue to be the best in the industry.
Phoenix Technology is an industry leader in locksmith services and has over 80,000 customers nationwide.
In 2018, the lock company said it generated revenue of $2.4 billion, which was a $3.5 million increase over the previous year.