By Mitchell Young
NEW HAVEN: Assa Abloy of the Americas, headquartered on Sargent Drive announced it is buying San Francisco based smart lock maker August Home to increase its portfolio of new lock tech.
Assa Abloy [STO: ASSA-B] generates more than $8 billion [US] in global sales, August Home is estimated to have approximately $60 million in revenue and, 100 employees, Assa 47,000.
The terms of the deal were not announced yet, but is expected to close in 2017. It will likely look like a deal too good, for the founders to pass up, as the company announced a $25 million in new investment, [$75 million in total investment] just this past July with proceeds to help expand its retail and service business lines.
Airbnb and HomeAway partner with the company with AH’s service that provides home owners and landlords the ability to grant temporary access to their properties. Comcast Cable an investor in the company, offers locks from August Home as part of its Xfinity Home security service.
August co-founder Jason Johnson will remain CEO of August Home, and Yves Behar co-founder and the company’s lead designer is expected to continue as well. The company will operate as August Home and operate under the Americas division of ASSA ABLOY.
“August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery,” Thanasis Molokotos, its EVP and head of Americas added.
“We have always admired the design and quality of Yale locks [another Assa Abloy brand],” said Johnson, “this is a great opportunity for us to work with the world’s largest lock and access company.”