Security Company Based in Evanston Bought Out By Giant

An Evanston man who launched a security-monitoring company out of frustration from his security provider’s slow adoption of technology five years ago has sold it for $67 million.

Evanston-based LiveWatch Security was recently sold to industry giant Monitronics from Brad Morehead, Crain’s Chicago Business reports.

Morehead used off-the-shelf products to create a do-it-yourself system that was “cheaper and offered more customization,” Crain’s wrote.

Since it launched, LiveWatch has grown to include 180 employees and 32,000 customers. It will operate as separate unit within Monitronics. Morehead will continue to lead the brand in Evanston.

“It gives us an opportunity to serve people who can’t self-install,” Morehead told Crain’s. “We saw some opportunities to team up together. There are opportunities with more scale (from Monitronics) to offer more value to our subscribers over time. You’ll see our brand even more.”

Read more via Crain’s Chicago