Wednesday, 06 February 2019 11:38

Buddy Platform acquires smart-lighting firm LIFX

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LIFX co-founder and chief product and technology officer Marc Alexander, Buddy Platform chief executive David McLauchlan and LIFX chief executive, Tim Peters. LIFX co-founder and chief product and technology officer Marc Alexander, Buddy Platform chief executive David McLauchlan and LIFX chief executive, Tim Peters. Supplied

ASX-listed Internet-of-Things and smart utility monitoring firm Buddy Platform has acquired smart-lighting company Lifi Labs which trades as LIFX for US$51 million (A$70.4 million).

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.

The deal was supported by leading Australian institutional investors. Buddy raised A$18.1 million at an issue price of A$0.08 per share to partially fund the cash portion of the deal.

“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.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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