SoftBank Group, a Japanese technology conglomerate, is in early-stage discussions to acquire Irvine's security company, Allied Universal. The potential deal is valued at approximately $30 billion, comprising $18 billion in equity and $12 billion in assumed debt. If finalized, this acquisition would rank as the third-largest for an Orange County-based company, following the $70 billion sale of Allergan in 2015 and the $37 billion sale of Broadcom in 2016.
SoftBank, which operates one of the world's largest investment funds, has engaged with other Orange County firms previously, though never on this scale. Many of these past investments have focused on technology. About a decade ago, SoftBank collaborated with Gary Jabara's Newport Beach telecom company, Mobilitie, now known as Boldyn Networks. This collaboration, via SoftBank's investment in Sprint Corp., aimed to deploy tens of thousands of cell phone towers across the United States in preparation for 5G network expansion. Jabara commented on SoftBank's forward-looking approach last year in a LinkedIn post, stating that “SoftBank is always 10 steps ahead.”
Not all of SoftBank's local investments have been uniformly successful. John Tu and David Sun, founders of Kingston Technology, famously sold 80% of their Fountain Valley-based computer memory products firm to SoftBank for $1.5 billion in 1996. They later repurchased the company for $450 million in 1999. Tu and Sun's wealth is now estimated at close to $30 billion, with Kingston's annual revenue approaching $18 billion. This revenue figure positions Kingston as the second-largest privately held Orange County firm, trailing Allied Universal's $22.6 billion in revenue last year.
SoftBank's reported interest in Allied Universal is attributed to Chairman and CEO Masayoshi Son's ambitions in artificial intelligence and robotics. Reuters reported last week that SoftBank intends to replace some of Allied's staff with robots for various security tasks in the coming years. Allied Universal CEO Steve Jones has been highlighting technological advancements, including robotics, within the company's operations in recent years. Earlier this year, Jones was introduced to Ali Agha, CEO of FieldAI, an Irvine robotics startup valued at $10 billion, by Business Journal Publisher Richard Reisman. Over the past decade, Steve Jones has grown Allied Universal into one of the world's largest companies through an aggressive acquisition strategy, now employing nearly 800,000 individuals globally.
Beyond corporate ventures, Allied Universal's CEO Steve Jones and his wife, Stacy Jones, are known for their philanthropic efforts closer to home. They established and operate the annual “Hot Summer Nights” fundraiser, which supports Trabuco Canyon’s Vera’s Sanctuary. This organization provides services to victims of human trafficking. The Jones family underwrites all event costs, including musical performances. This year's event hosted over 700 guests and raised a record $3.2 million. Over the last ten years, the fundraiser has generated nearly $15 million for the nonprofit organization.
In other Orange County business news, Switzerland’s Alcon Inc., which maintains a significant local presence, made an offer last year to expand its Orange County footprint. Alcon proposed a $1.6 billion bid for Lake Forest-based implantable lens maker Staar Surgical. Staar's shareholders rejected the bid in early 2026, deeming the offer to undervalue the firm. Staar Surgical currently holds a $1.1 billion valuation, with its shares decreasing by approximately 19% over the past year. Alcon subsequently acquired Rhode Island biotech firm Neurotech Pharmaceuticals for $550 million last week. Jim Mazzo, a prominent executive in Orange County’s ophthalmic industry and former head of Advanced Medical Optics, serves as Neurotech’s executive chairman.
