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Communication infrastructure service provider WPCS International Inc. has reportedly purchased Australia’s electrical and security services provider based in Queensland.

In a release, Exton, Pa.-based WPCS states that it bought Pride Electronic Security Systems for 2 million Australian dollars, or US$1.82 million, at closing, and had agreed to pay up to 2 million additional Australian dollars over the next two years, depending on the company’s performance.

Founded in 1997, Pride Electronic Security Systems is an electrical and security services provider with clients in the commercial and government sectors. The company focuses on low voltage security installations, alarm systems, video surveillance and access controls.

Pride generated AUD $7.6 million in revenue and approximately AUD $900,000 in earnings before interest and taxes (EBIT) for their recent fiscal year ended June 30, 2009.

Pride’s customers include Queensland Police, Queensland Rail, Sunshine Coast District Health Service and General Water Australia.

Following the closer of transaction, WPCS will incorporate the company into its Australian operations.

Pride also has a net tangible asset value of approximately AUD $1.2 million, said WPSC which provides engineering services from design through construction for communications infrastructure.

"The security market in Australia is expanding at a rapid pace and it became apparent that it would be beneficial for our growth if we were acquired by a larger organization that can support our leadership role in electrical and security services,” said Pride’s President Robert Paynter, in the release

"The acquisition of Pride Electronic Security Systems is very important for WPCS as it not only adds a financially successful company but also a company with a very talented management team,” commented Andrew Hidalgo, CEO of WPCS.

The acquisition will allow WPCS to bolster its service capabilities in the Australian public services market through the design and deployment of security systems.