Skip to main content

Smart thermostat maker Ecobee acquired by Generac for $770 million

Generac says the acquisition will create a home energy ecosystem that would bring benefits to both homeowners and grid operators.

What you need to know

  • Smart home company Ecobee has been acquired by generator giant Generac in a $770 million deal.
  • Ecobee was founded in 2007 and currently has over 500 employees globally.
  • Generac expects the acquisition to be completed during the fourth quarter.

Generac Holdings announced on November 1 that it has signed an agreement with Ecobee to acquire the Toronto-based smart home company in a transaction valued at $770 million. The generator giant says the acquisition is likely to close during the fourth quarter of the year.

Stuart Lombard, founder and chief executive officer of Ecobee, said in a statement:

Generac's evolution into an energy technology solutions company creates many opportunities to integrate our ecobee products with their residential device offerings, enabling direct monitoring and control of a significant portion of the home's electrical load.

Ecobee, which is known to make some of the best smart thermostats, was founded in 2007 and has a team of over 500 employees globally. Last year, the company introduced its first indoor security camera that doubles up as an Alexa smart speaker. The security camera is also part of the company's "Haven" home security platform.

Due to the economic impact of COVID-19, however, Ecobee had to cancel a new Lighting product line that it had been working on. Additionally, the company also permanently laid off around 10% of its total workforce last year. Under Generac, Ecobee should be able to easily expand its product portfolio and better compete against rivals such as Google's Nest, Honeywell, and Amazon in the smart thermostat market.

Generac, founded in 1959, offers backup and power systems for both home and industrial use, solar + battery storage solutions, power grid software platforms, as well as engine- and battery-powered equipment.

As per a report published by The New York Times in September, Generac accounted for nearly 75% of all standby home generator sales in the U.S. The company's sales have grown by a whopping 70% over the past year, mainly due to the growing shift to clean energy.



Source: androidcentral

Popular posts from this blog

FCC approves broadband 'nutrition labels' to help you shop for internet

The FCC is pushing nutrition labels for internet providers. What you need to know The FCC has voted to move forward with new rules for ISPs to display nutrition labels. The proposed rulemaking would mandate ISPs to display relevant speed and pricing information to consumers. This should make it easier for consumers to make an informed decision on their broadband. The FCC voted unanimously on a plan that would allow consumers to make better decisions about their broadband internet. The proposal will require internet service providers (ISPs) - including many of the best wireless carriers in the U.S. — to display "nutrition labels" that display relevant service information for consumers at point-of-sale. This includes internet speeds, allowances, and clear information on rates. "If you walk into any grocery store and pull boxes of cereal from the shelves, you can easily compare calories and carbohydrates," FCC Chair Jessica Rosenworcel said in a statemen

Yandex spins out self-driving car unit from its Uber JV, invests $150M into newco

Self-driving cars are still many years away from becoming a ubiquitous reality, but today one of the bigger efforts to build and develop them is taking a significant step out as part of its strategy to be at the forefront for when they do. Yandex — the publicly-traded Russian tech giant that started as a search engine but has expanded into a number of other, related areas (similar to US counterpart Google) — today announced that it is spinning out its self-driving car unit from MLU BV — a ride-hailing and food delivery joint venture it operates in partnership with Uber. The move comes amid reports that Yandex and Uber were eyeing up an IPO for MLU  last year. At the time, the JV was estimated to be valued at around $7.7 billion. It’s not clear how those plans will have been impacted in recent months, with COVID-19 putting huge pressure on ride-hailing and food-delivery businesses globally, and IPOs generally down compared to a year ago. In that context, spinning out the unit could

Slack’s new integration deal with AWS could also be about tweaking Microsoft

Slack and Amazon announced a big integration late yesterday afternoon. As part of the deal, Slack will use Amazon Chime for its call feature, while reiterating its commitment to use AWS as its preferred cloud provider to run its infrastructure. At the same time, AWS has agreed to use Slack for internal communications. Make no mistake, this is a big deal as the SaaS communications tool increases its ties with AWS, but this agreement could also be about slighting Microsoft and its rival Teams product by making a deal with a cloud rival. In the past Slack CEO Stewart Butterfield has had choice words for Microsoft saying the Redmond technology giant sees his company as an “existential threat.” Whether that’s true or not — Teams is but one piece of a huge technology company — it’s impossible not to look at the deal in this context. Aligning more deeply with AWS sends a message to Microsoft, whose Azure infrastructure services compete with AWS. Butterfield didn’t say that of course

Xbox One S vs. Xbox One X: Which should you buy?

http://bit.ly/2v1agl5 We live and breathe tech, and also gaming, with every member of Windows Central rocking either an Xbox One console or PC gaming rig. We've compared and contrasted every iteration of Xbox One to bring you this guide. Xbox One X Raw 4K power From $299 at Amazon Pros Has thousands of games 4K media apps, Blu-ray discs, and games IR blaster for TV controls, Amazon Echo for voice controls Improved HDD speeds for faster loading times Cons More expensive at around $500 RRP Requires a 4K TV to get the most out of it The Xbox One X is the world's most powerful games console, running the latest games with the crispest, detailed visuals on TV sets with 4K HDR support. Xbox One S More affordable From $226 at Amazon Pros Has thousands of games 4K media apps and Blu-ray IR blaster for TV controls, Amazon Echo for voice controls More affordable at around $300 RRP Cons No 4K games Games run worse, even on a 1080p TV The Xbox One S i