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SimpliSafe plans expansion after $130 million investment

The Boston-based security company says it will use some of the funding to hire 100 engineers.

Components for a SimpliSafe home security system. The company is based in Boston.
Components for a SimpliSafe home security system. The company is based in Boston.

SimpliSafe, the home security technology company based in Downtown Crossing, said it is planning to expand its work force in the city after raising $130 million in new investment to help it grow.

The company, which makes security systems and offers home monitoring services, said it will use the money in part to hire 100 engineers, a highly sought-after professional in Boston’s labor market, which will expand that team to 300 people. Overall, the company has 800 employees, mostly in the Boston area.

“It goes without saying that the growth we’re experiencing is tremendous for our business, but it’s also really positive for the Greater Boston area and broader tech community,” chief executive Christian Cerda said in a statement.

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The money comes from SimpliSafe’s existing investors, including the investment firm Hellman & Friedman, which in 2018 bought a controlling stake in the company in a deal that valued it at the time at about $1 billion.

A private company, SimpliSafe has revealed relatively little about its finances. But it said in a news release that the new funding was an expression of confidence in the continued expansion of its business.

The company said it expected to take in $400 million in ”annualized recurring revenue” this year, a figure that includes what customers pay for monitoring services — but not SimpliSafe’s sales of home security equipment. The company said it expected to increase its overall business by 30 percent this year.



Andy Rosen can be reached at andrew.rosen@globe.com. Follow him on Twitter @andyrosen.