ASSA ABLOY has signed an agreement to acquire August Home, a leading smart lock business in the US.
Residential smart door market
"I am very pleased to welcome August into the ASSA ABLOY Group. August constitutes a strategic addition to the Group and reinforces our position in the residential smart door market," says Johan Molin, President and CEO 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," says Thanasis Molokotos, Executive Vice President of ASSA ABLOY and Head of the Americas Division.
August Home sales
August was founded in 2013. It is headquartered in San Francisco, California and has approximately 90 employees. Sales for 2018 are expected to reach around USD 60 million (approx. SEK 500 million). The acquisition will be dilutive to EPS.
The acquisition is conditional upon regulatory approval and is expected to close during the fourth quarter of 2017.