The finalisation of the deal is conditional on South Australia-based Buddy completing the acquisition financing and obtaining the needed shareholder approvals.
A statement to the ASX said the total amount would be paid as US$26.5 million in cash to the majority shareholder of LIFX and US$24.5 million as fully paid ordinary shares from Buddy.
LIFX is the second biggest manufacturer of smart-lighting bulbs behind Phillips.
“As the demand from both commercial and retail customers for energy monitoring solutions increases, it makes perfect sense that we look to combine our Buddy Ohm platform with a product that can be found in every building and every space in the world - lighting," said Buddy Platform chief executive David McLauchlan.
"We have a joint vision to meaningfully advance the movement to create smarter spaces globally, and together believe we can achieve some truly enormous goals.”
Buddy was founded by McLauchlan, who spent more than a decade working for Microsoft and also played an advisory role at the Bill and Melinda Gates Foundation.
The company makes a smart-spaces monitoring product, Buddy Ohm, that measures water, electricity, gas and solar energy consumption in real time and provides "actionable insights" to improve efficiency in commercial buildings and offices.