April 12, 2011, Toronto, ON – Auxo Management LP (“Auxo”), a privately-held investment firm led by Robert Cherun and Erik Mikkelsen, announced today that it has closed on its first deal: an investment in UCIT Online Security (“UCIT”), pronounced “you-see-it” (www.ucitonline.com). UCIT is a Toronto-based security business focused on providing 24-hour live video monitoring as a more affordable and effective substitute or supplement to security guards. The company also sells and installs security equipment and provides security software through its fully-owned subsidiary Detexi (www.detexi.com).
UCIT was founded in 2003 by Sidney Sommer, a local Toronto raised man who was the recipient of BDC Ontario’s Young Entrepreneur award in 2008. Sidney launched the company out of his mother’s basement in 2003 and has since grown the business to over 50 employees. In 2009 UCIT was listed as #19 on the Canadian Profit 100 List of fastest growing companies. UCIT currently has offices in the Greater Toronto Area and Ottawa that service clients across North American and parts of Europe.
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