Irvine-based security powerhouse Allied Universal is reportedly in early stage talks for a potential acquisition by Japanese technology conglomerate SoftBank Group. The proposed deal, valued at $30 billion—comprising $18 billion in equity and $12 billion in debt—could become the third-largest acquisition of an Orange County-based company. This would place it behind only the nearly $70 billion sale of Allergan in 2015 and the $37 billion sale of Broadcom in 2016.
SoftBank, known for operating one of the world's largest investment funds, has engaged with Orange County firms previously, though never on this significant scale. Most of its past investments have been concentrated in the tech sector. About a decade ago, SoftBank collaborated with Gary Jabara’s Newport Beach telecom firm, Mobilitie—now known as Boldyn Networks—to deploy tens of thousands of cell phone towers across the United States. This effort was part of a 5G network expansion through SoftBank's investment in Sprint Corp. Gary Jabara noted SoftBank's foresight last year in a LinkedIn post, stating that "SoftBank is always 10 steps ahead."
Not all of SoftBank's local investments have yielded similar outcomes. John Tu and David Sun of Kingston Technology famously sold 80% of their Fountain Valley computer memory products maker to SoftBank for $1.5 billion in 1996, only to buy it back for $450 million in 1999. Tu and Sun's wealth is now valued near $30 billion, with Kingston’s annual revenue approaching $18 billion, making it the second-most for a privately held Orange County firm, behind Allied’s $22.6 billion in revenue last year.
SoftBank’s reported interest in Allied Universal stems from Chairman and CEO Masayoshi Son’s ambitions in artificial intelligence and robotics. Reuters stated last week that SoftBank could look to replace some Allied staff with robots for various security tasks in the coming years. Allied CEO Steve Jones has similarly been emphasizing technological advancements, including robotics, within the company's operations. Jones was introduced to Ali Agha, CEO of the Irvine robotics upstart FieldAI, valued at $10 billion, earlier this year by Business Journal Publisher Richard Reisman.
Under Steve Jones, Allied Universal has expanded to become one of the world’s largest companies over the past decade through an aggressive roll-up strategy, now employing nearly 800,000 individuals globally.
Beyond his corporate leadership, Steve Jones and his wife, Stacy Jones, have established one of the area’s prominent fundraisers, Hot Summer Nights. This event benefits Trabuco Canyon’s Vera’s Sanctuary, an organization dedicated to providing services for human trafficking victims. The Jones family underwrites 100% of the event’s expenses, including entertainment. This year’s event attracted over 700 guests and raised a record $3.2 million, contributing to nearly $15 million raised for the nonprofit over the last decade.
In other significant local business developments, Switzerland’s eye care giant Alcon Inc., which maintains a large operational base locally, sought to increase its Orange County presence last year with a $1.6 billion bid for Lake Forest implantable lens maker Staar Surgical. Staar’s shareholders rejected this bid at the start of 2026, deeming the firm undervalued. Staar Surgical is currently valued at $1.1 billion, with its shares down about 19% over the past year. Alcon subsequently acquired Rhode Island biotech firm Neurotech Pharmaceuticals for $550 million last week. Neurotech’s executive chairman is Jim Mazzo, widely recognized in Orange County's ophthalmic industry and a former head of Advanced Medical Optics.
