Smart home company Savant to acquire GE Lighting – TechCrunch
Massachusetts-based smart home company, Savant Systems this morning announced an agreement to acquire GE Lighting. The division has existed within General Electric since 1911, its origins tracing even further back to Thomas Edison’s work in space.
Today’s GE lighting portfolio still revolves largely around bulbs, with some push into more modern corners of the category, including LEDs. It is also the home of C by GE, a series of smart home products, featuring bulbs, sockets, switches and colored strips that are intended to compete directly with lines like the Philips Hue.
This latter part of the portfolio, at least, makes sense to Savant, a much younger company formed in 2005. Savant will also retain the influence of the GE name, with a long-term licensing agreement attached to the deal. This is a key part of the deal, given how easily recognizable the old brand is. The company says the division will retain its headquarters in Cleveland, with its 700 employees now reporting to the Savant banner.
“At Savant, our mission has always been to become the leading smart home technology company; By acquiring GE Lighting, we are able to move closer to this goal by combining our innovation with the legacy and consumer reach of GE Lighting, ”Savant Founder and CEO Bob Madonna told TechCrunch. “By making smart home solutions and lighting technologies more accessible, at Savant we can help customers make their homes as comfortable, safe and healthy as possible.
As far as GE is concerned, the massive selling is part of a larger shift in focus away from consumer products. “Today’s transaction is another important step in GE’s transformation into a more focused industrial company,” GE CEO H. Lawrence Culp, Jr. said in a news release. “Our colleagues at GE Lighting will join a growing leader in home automation who shares their passion for lighting up the future. “
Financial details were not disclosed.