Securitas AB is a Sweden-based provider of security solutions. The Company operates within four main business divisions: Security Services North America (35% of 9m revenue), Security Services Europe (41%), Security Services Ibero-America (14%) and the Mobile and Monitoring division (9%). Securitas operates in highly competitive and fragmented markets where companies are dependent on large workforces. Thereby competitiveness and margins are highly sensitive to wage conditions making profitability an industry-wide challenge. Securitas operate with leverage (Net Debt / EBITDA 1.9x) and have a history of aggressive acquisitions utilising its economies of scale - an important part of the business model. The company has market shares of 16% and 19% in North America and Europe respectively, and the global outsourced markets for manned security are anticipated by the Group to grow 4-6% annually. Outsourcing and privatization in the developed countries are the main growth drivers. The commercial segments such as retail, offices and properties are the primary customers.