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.

LIFX chief technology and product officer Marc Alexander will join the Buddy Board of Directors following the completion of the acquisition.