Buddy, a Seattle-based association that manages building energy, currently announced a goal to acquire LIFX, a intelligent light builder formed in Silicon Valley.
Buddy will compensate $51 million in money and batch to acquire LIFX, according to a press release. LIFX will continue to work as a possess entity and brand.
The companies both have U.S.-Australia connections. Buddy creatively launched in Seattle 8 years ago and went open in 2015 as partial of an surprising understanding described as a “reverse takeover” of a publicly-listed Australian mining and resources company. It stays headquartered in Seattle though a primogenitor association is listed on a Australian Stock Exchange.
LIFX, meanwhile, launched in Melbourne in 2012 and after relocated to San Francisco. The association was a initial to rise a kaleidoscopic LED WiFi light and sells an array of products during large retailers in some-more than 100 countries. It generated some-more than $25 million in income final year and had lifted $16.3 million from investors such as Sequoia Capital, Qualcomm Ventures, and Blackbird Ventures according to Crunchbase.
Buddy intends to sell a Buddy Ohm real-time application and environmental services to LIFX lightbulb owners, while LIFX will have a possibility to enhance into a blurb marketplace as a outcome of a tentative deal.
“As a direct from both blurb and sell business for appetite monitoring solutions increases, it creates ideal clarity that we demeanour to mix a Buddy Ohm height with a product that can be found in each building and each space in a universe – lighting,” Dave McLauchlan, CEO of Buddy Platform, pronounced in a statement.
Founded in 2011 by McLauchlan and Jeffrey MacDuff, dual former Microsoft managers, Buddy previously provided backend services to mobile apps and after developed connected device infrastructure after operative with connected vehicles. Its concentration is now monitoring expenditure of building resources. The association employs 25 people in Seattle and another 25 worldwide. MacDuff left in 2013 and only took a new pursuit as executive of engineering during OfferUp.
Buddy also announced an estimate $13 million chain led by Bell Potter Securities as partial of a acquisition, that is fortuitous on a execution of that financing and a shareholder vote.
LIFX CTO and co-founder Marc Alexander will continue to lead his group with CEO Tim Peters. Alexander will join Buddy’s house of directors, replacing Alex Gounares, CEO of Seattle startup Polyverse.