On February 6, Buddy Platform, an Australian Internet of Things (IoT) supplier, announced that it had signed a binding agreement to buy LIFX, a San Francisco-based smart lighting supplier, for about $51 million in cash and stock transactions.
As part of the deal, Buddy will recruit 48 LIFX employees at offices in Melbourne, Silicon Valley and Shenzhen. After the acquisition, Marc Alexander, LIFX's chief technology and product officer, will join Buddy's board of directors in accordance with the company's statement. Buddy said the acquisition will bring revenue and profit growth to the company, and LIFX is expected to make profits in 2019.
David McLauchlan, chief executive of Buddy, said: "With the increasing demand for energy monitoring solutions from commercial and retail customers, we want to combine our Buddy Ohm platform with lighting, which is very meaningful in every building and space in the world."