Assa Abloy, the world's largest lock and access company, already sells smart home products through its Yale brand (one of the world's most recognized lock makers), but now it wants to expand that part of the business. And that's exactly what it's doing, with the announcement of a deal to purchase fledgling US smart lock firm August Home, known for its smart locks and doorbells with cameras.
Swedish conglomerate Assa Abloy operates in 70 countries and is worth around $24 billion, so it won't have too much trouble stumping up the cash for the San Francisco startup. Assa Abloy VP Thanasis Molokotos believes the time is right to expand the business and says "August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery." Since the company was started in Sweden in 1994 it has quickly grown into an international group of good repute.
Jason Johnson, the co-founder and CEO of August Home, has "always admired the design and quality of Yale locks" and seems pleased with the news. “This is a great opportunity for us to work with the world’s largest lock and access company." The terms of the agreement are not being disclosed at this time, and it's expected to be finalized at some point before the end of the year. That's subject, of course, to the usual regulatory procedures and conditions.
- Assa Abloy