Resideo makes first acquisition since spin-off
Resideo Technologies Thursday announced it has acquired Santa Cruz, Calif.-based Buoy Labs, the maker of a WiFi solution that tracks water usage in the home.
According to the company, the solution can identify potential water leaks and intervene to prevent them; it is offered as a subscription-based app service. The Buoy product is professionally installed by a plumber to the home’s main water line and is powered by a battery or electrical outlet. It can be installed indoors or outside. A Bouy app analyzes water usage and can provide reports to the homeowner or a chosen contractor. The software sends an alert to a potential leak and shuts off the water, automatically or via the app.
“Today’s announcement is part of our vision to provide whole home management through four areas — comfort, security, air quality and water usage,” said Mike Nefkens, president and CEO of Resideo, in a statement. “Buoy Labs is the first move in our ongoing strategic initiative to identify and execute on tuck-in acquisitions. Their products and talent are a natural fit for Resideo’s portfolio of professionally installed and monitored smart home solutions that integrate the critical systems of the home.”
Bouy Labs was founded in 2015. The acquisition is the first for Resideo since it became a standalone company. It was spun off from Honeywell last October.