Can you tell us about the current perception of security in Mexico?
Security is a relevant topic worldwide and in Mexico. The overall environment is getting more challenging and there are many reasons for this, the biggest reason being the need for virtual and digital security on top of traditional physical security. This creates a challenging environment. There are 8,000 private security companies in Mexico, of which 70% are clandestine. Of the remaining 30%, some 60% are informal. They are real companies but do not necessarily provide all the training and worker benefits necessary to maintain a strong, standard business. The notion that we need to professionalize the private security space is key, and the country is gradually moving toward this.
What is your vision for the company?
Worldwide, Prosegur's revenues are a little over EUR4 billion per year, and we have over 160,000 employees. The company is a combination of three companies that offer a 360-degree security solution that is based on innovation and technology: Prosegur Cash, which offers cash-in-transit services; Prosegur Alarms, which has a broad range of end-to-end security solutions for homes and small businesses; and Prosegur Security. Essentially, we approach companies and governments and offer security in the shape of solutions that combine people, technology, and services. We design, implement, and operate the solution. We are system integrators; therefore, we bring technologies from different companies, and we take sole responsibility for the whole solution. I run ProSegur Security for North Latam. Today, for example, some large companies have a fairly rudimentary understanding of their security needs. Companies often contract out separate security needs, and there is no holistic or coherent strategy. We offer holistic analysis and consulting solutions that involve an in-depth analysis of how companies manage risk and leverage technology, people, processes, best practices, and so on. We put everything together and then provide a set of recommendations that include this end-to-end perspective. We design, implement, and operate these processes, and we offer these services with three-, four-, or five-year contracts. We seek to provide more value to our customers and higher-quality service at a reduced cost. In many ways, we become a trusted advisor and confidant of our customers. This is the level of trust that we aspire to build.
What have been some of your key projects in Mexico and what sectors do you currently target in the country?
At present, there are 20,000 employees working in Peru, Colombia, and Mexico. We have around 9,000 employees in Peru, 8,000 in Colombia, and 2,000 in Mexico. We started from scratch in Mexico and have been pursuing an organic growth strategy. In many countries, Prosegur acquires an existing company, which is what we did in Colombia and Peru. The Mexican market has the potential to be three times bigger. Based on the potential in Mexico, we are focusing on large multinational companies that are both headquartered in Mexico and abroad. We are not focusing on the public sector because there are better opportunities in the private sector. However, that does not mean we will not focus on the public sector in the future. We have been successful in the automotive, manufacturing, and finance sectors. Rather than selling discrete products, we are focused on selling complete solutions. The Mexican market is not used to seeing a security company offer such wide-ranging and integrated solutions, which is a key advantage for us. We are focused on providing people, technology, and processes. If you only focus on one component of that mixture, you cannot provide the most effective and holistic solution. We are the only company in Mexico that has the capability to provide complete solutions. Clients often assume our solutions will be fairly expensive, though in reality they are not as expensive as having a dozen different contractors providing different services. In 2019, we acquired four technology companies in the US, and we have now integrated them into the corporate structure. We acquired a cybersecurity firm, a guarding services firm, an electronic security systems company, and a video security company. I participated in a meeting in Spain not too long ago, and we talked a great deal about AI, big data, machine learning, and automation. We know where we want to go, and we are pivoting in that direction.