Australian Internet of Things (IoT) vendor, Buddy Platform, has agreed to acquire smart lighting company LIFX in a US$70 million deal.

LIFX, originally established in Victoria and now headquartered in the US, has its products stocked and sold through traditional and online retailers such as Best Buy, Amazon, JB Hi-Fi, Bunnings and Beacon Lighting.

Buddy Platform, also an Australian company, specialises mainly in IoT and cloud-based technology through its core offerings: Buddy Cloud, Buddy OHM and Parse on Buddy. It has agreed to buy LIFX for US$70 million, in a deal which it says it can sell smart spaces-related services overlaid on LIFX light products while at the same time enabling LIFX to substantially expand.

LIFX CEO Tim Peters has said that:

Since 2012, LIFX has been at the forefront of connected lighting and has sought to fundamentally change the way people think about lighting and the spaces they occupy… we are very excited to join forces with Buddy to expand our customer-base, further our reach, introduce real-time energy monitoring from our lights and enter new and exciting markets.

David McLauchlan, CEO of Buddy Platform has said that:

This is a transformational transaction that we’re announcing today….As the demand from both commercial and retail customers for energy monitoring solutions increases, it makes perfect sense that we look to combine our Buddy Ohm platform with a product that can be found in every building and every space in the world -lighting.

The deal is subject to shareholder approvals and Buddy Platform is sending out notices to its shareholders to convene a general meeting to vote on the deal. If the deal does pass shareholder approval, Buddy Platform expects the deal to close by the end of next month (March 2019).

Source: Buddy.
Via: CRN.
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Les
Les
1 year ago

It was amazing that a small Australian company like LIFX got to play on the world stage, coming to market with lighting products that were better than Philips (LIFX lights came with more lumens and greater colour accuracy.)

I would have thought LIFX would be worth more than $US70 million.

Les
Les
Reply to  Les
1 year ago

The Australian Financial Review said LIFX was acquired for only $US51 million. That’s $AU71 million.

zeitgeb3r
zeitgeb3r
Reply to  Les
1 year ago

I’ve had the Xiaomi Yeelight for over a year now.
I also have LIFX.
Yeelight is 1/3 the price of LIFX.
Both are equally good.

Why would you ever want to buy LIFX?