Buddy Platform (Australian IoT vendor) has all set to acquire Smart Lighting vendor LIFX (Melbourne-based) for Australian Dollars $70.4 Million, adding Smart Lighting to Buddy’s energy monitoring product Ohm.
LIFX is actually a manufacturer of multi-colored Smart Lighting (Wi-Fi enabled) solutions for both offices and homes – whose retail partners include Bunnings, Officeworks, Apple, Amazon and of course, JB Hi-Fi.
According to the deal, Buddy will absorb all of LIFX’s staff with chief executive Time Peters and Marc Alexander (Chief Product and Technology officer) continuing to lead a business. Importantly, Marc Alexander will join Buddy’s board of directors.
Buddy’s Chief Executive Mr. David McLauchlan said,
“This is a transformational transaction which we are announcing today. As the demand from both commercial and retail customers for energy monitoring solutions increases, it makes perfect sense that we look to combine our Buddy Ohm platform with a product that can be found in every building and every space in the world – lighting”.
Buddy further said that this deal is highly accretive for both companies where LIFX-connected lighting products can become sensing and energy source for Buddy Ohm and allow a residential Ohm – offering near in a future.
This deal will be closed somewhere in March 2019 upon completion of a financing and following a shareholder vote.
According to Peter,
“We are very excited to join forces with Buddy to expand our customer base, further our reach, introduce real-time energy monitoring from our lights and enter new and exciting markets. We also look forward to soon sharing with investors our vision and what we have planned in 2019”.