Nice S.p.A., an Italian home automation and home security company, recently announced it has acquired FIBARO, a smart home company. The transaction, which was public as of July 13, 2018, is valued at US$73,000,000 and includes the entire share capital of Fibar Group S.A., including its U.S. subsidiary.
The acquisition is Nice Group’s biggest investment to date in the smart home and IoT market.
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Founded in 2010, FIBARO has established itself on six continents and over 100 countries. The company says it was the first smart home manufacturer to introduce an entirely wireless home automation system.
Meanwhile, Nice Group provides integrated automation solutions for gates, garage doors, solar shading systems, parking systems, wireless alarm systems and home security for residential, commercial and industrial buildings. Nice Group sells its products in over 100 countries through 30 subsidiaries, dozens of distributors, and has 12 production plants globally.
“We’re thrilled to join forces with Nice, a company that shares our values and passion to further innovative work on our smart home system and other IoT solution,” said Maciej Fiedler, CEO, Fibar Group S.A. “Since the founding of FIBARO, we’ve been driven to design and build an intuitive and functional system for the smart home. We were looking for an investor that would allow our company to develop the way we planned, as well as provide us with the necessary resources to further our R&D research and benefit from our advanced technical know-how. We’re very excited about this venture and how our combined solutions and technologies will enhance both product portfolios.”
FIBARO plans to continue developing products for the smart home and leveraging key technologies through integrations with existing Nice product lines.