Telerent Leasing Corporation (TLC), a leading provider of visual communications solutions through its Avidex Industries and TeleHealth Services divisions, today announced it has agreed to acquire Digital Networks Group, Inc. (DNG), one of the nation’s leading custom AV integrators in the healthcare, education, and government sectors. The acquisition supports TLC’s growth strategy to broaden communications offerings and brings an expanded footprint to enhance operational excellence.
Telerent is the leading hospital television, display and signage system integration service provider in the healthcare market with a customer base that covers more than 40% of US hospitals. Investment in DNG will enhance Telerent’s audio visual related integration capabilities which are currently provided by Avidex, a division that was acquired in 2012. The audio visual market is growing with a projected CAGR of 19% this year and is expected to grow 14% over the next two years. The healthcare AV market is growing as more and more US hospitals complete their integration of electronic medical records, boosting additional need for digital signage systems in healthcare facilities. TLC will operate the acquired organization under the Avidex division, creating additional opportunities and experiences in both current and new verticals. As enterprise customers seek powerful, best-of-breed communications solutions, the acquisition will provide industry-leading AV solutions and services.
DNG has an exceptional track record designing and implementing innovative AV solutions for education, healthcare, and government organizations. Along with their operational footprint, performance, and focus on client service, the investment provided a seamless expansion opportunity for TLC. The combined Avidex division will continue to develop its leading integrated solutions and maintain its commitment to simplicity, innovation and cross-platform experiences.
“This acquisition represents an important step in our efforts to strategically expand our visual communications solutions to become the preferred full service AV integrator to the healthcare, commercial, education, and technology markets. In pursuit of this goal, we have continued growth through the acquisition of the nation’s best design/ build AV companies. We are excited to accelerate our growth in this area with the acquisition of DNG. This opportunity allows us to immediately gain a well-established and leading position in additional verticals, while extending our operational capabilities in the audio visual market. This allows us to expand our increasingly comprehensive approach to advanced technology solutions and service delivery for our clients. DNG has built a strong reputation in the market throughout their history by taking an approach similar to Avidex in providing AV excellence,” said Joel Harris, CEO of TLC.
“We’re proud to partner with TLC, a highly respected organization that is aligned with DNG’s vision of the future and the strategic plan to get there,” said Mike Stammire, co-Founder and president of DNG. “Our shared depth and breadth of experience and synergies will, for the first time, provide a single organization capable of delivering best of breed AV/IT solutions across all major industry sectors. This combination will only accelerate the great operating momentum we’ve seen over the last several years and provide enormous opportunities for our employees. My partners and I are thrilled to be part of Avidex and the entire ITOCHU family. Together with TLC, our potential for accelerated growth to meet the needs of tomorrow’s enterprise clients is limitless. ”
Telerent Leasing Corporation (TLC) provides captive financing solutions to corporations. Through its TeleHealth Services division, TLC provides HD, interactive patient engagement, and other hospital television-based systems and solutions to hospitals and hotels throughout the U.S. With more than 50 years of experience and support in the medical and hospitality industries, Telerent Leasing Corporation delivers the best in customer satisfaction. Based in Raleigh, North Carolina, Telerent Leasing Corporation operates as a subsidiary of ITOCHU International, Inc.