Buddy to acquire smart lighting company LIFX
Subject to the completion of acquisition financing and obtaining all requisite shareholder approvals, Buddy, a leader in IoT and cloud-based solutions, is to acquire lighting technology company LIFX.
LIFX generated $A38.5 million in revenues in CY2018 with -$3.4 million in EBITDA and gross margins of 29%. With LIFX expected to reach profitability in CY2019, the acquisition will be revenue and earnings accretive for Buddy.
Since 2015, LIFX has sold nearly two million lights in over a hundred countries with revenues growing between 70% and 100% year on year. The acquisition will bring a globally deployed energy and sensing platform in LIFX’s lights to Buddy’s Ohm energy monitoring product, while bringing Buddy Ohm’s energy monitoring platform to LIFX’s smart lighting products.
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LIFX chief technology and product officer Marc Alexander will join the Buddy Board of Directors following the completion of the acquisition.
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