Assa Abloy buys smart lock start-up August
Global market leading lockmaker Assa Abloy has acquired smart lock start-up August. August was one of the first movers in the industry, and is looking to do for locks what companies like Google’s Home are doing for thermostats (and more). Assa Abloy is a veteran of the M&A game, having grown itself to gargantuan proportions through an aggressive strategy that has seen it acquire more than 200 companies since its formation in 1994. This is a rare foray into Silicon Valley for the Swiss giant, though.
Thanasis Molokotos, Assa Abloy’s chief of the Americas division, thinks that the acquisition will not only lead it into a fast-growing market, but add positive values to the group. He said: “we love August’s Silicon Valley start-up mentality – they move fast and don’t get caught up in bureaucracy. The smart home is approaching very rapidly the tipping point where we’ll see a much wider adoption than we have so far.”
Smart security is a hot topic right now, with Alphabet-owned Nest launching a new system earlier this month, and Amazon having plans of its own. August co-founder Jason Johnson says that these companies, and the drive towards the smart home, are doing a lot for the business.
Smart speakers like Google Home and Amazon Echo can connect to all manner of devices. According to Johnson: “Once you have one or two of those devices, people start to think about what’s next. Smart locks and making the area around the door smarter is very popular right now.”
Dominion holds Ass Abloy in its Global Trends Managed Fund.
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