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ANDOVER, MA-Security Source Inc. is relocating its corporate headquarters from Peabody, MA to 41,000 sf at 200 Minuteman Park. The company, which develops inventory loss prevention software for the retail industry, says the move provides it with the opportunity to “dramatically increase” its employee base.

Lease rates for this deal were not disclosed but the average asking rent for office space in the area according to the most recently released statistics from Grubb & Ellis is about $21 per sf.

“Due to the overwhelming response to VeriTraks and the increased demand from retailers for innovative loss prevention solutions it became evident to me that to remain successful we needed to increase the quality of our workspace and add to our workforce,” says David Guttadauro, Security Source founder and CEO.

The move to new corporate headquarters comes on the heels of two other significant announcements made by the company earlier this year. In May, Security Source secured $15 million in funding from Silicon Valley-based Technology Crossover Ventures, a provider of growth capital to late-stage private and public technology companies. Also in May, Security Source acquired Reputation Technologies, an advanced analytics software and technology company, based in Somerville, MA.

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