PhoneWatch has been sold by Eircom to a Norwegian home security company Sector Alarm.

In a statement this afternoon Eircom says the service to all PhoneWatch customers will continue as usual and all customer contracts will remain in place.

The proceeds from the sale are to be used to support the strategic plan at Eircom to deliver long term stability for the company.

Herb Hribar is CEO of Eircom Group. "We are delighted that we have found a purchaser in the home security sector that is expanding into the Irish market and investing in Ireland".

"I'm sure that Sector Alarm will be an excellent parent for Phonewatch and use their industry expertise to continue to drive the business forward. We wish them and all the employees of Phonewatch all the best in the future" he added.

Sector Alarm Corporation said the acquisition gives them an immediate presence and platform for growth in the Irish market.