Smart home automation and IoT company Savant Systems will acquire GE Lighting, the iconic lighting division of appliance mainstay General Electric founded by US inventor Thomas Edison, it announced on Saturday.
The 130-year-old GE Lighting began life in the dawn of incandescence, and now has a portfolio of smart home products that includes voice-embedded lighting, industry-leading LED lighting and other smart solutions.
The acquisition will see the privately-owned Savant Systems combine its innovative smart lighting and smart home solutions with GE Lighting’s legacy know-how and brand trust.
Details of the deal were not disclosed but valued the lighting division at $US250 million, the Wall Street Journal reported.
Founded by CEO Robert Madonna who reportedly founded Savant Systems 15 years ago after buying a home automation system that didn’t live up to expectations, the home automation company now integrates with more than 10,000 protocols to automate anything from heating, air conditioning, home entertainment and more, according to Barron’s.
“Savant’s mission from the start has been to create the number one smart home brand in the world, and I am confident that the acquisition of GE Lighting has moved us significantly toward that ultimate goal,”said Madonna in a statement to the press.
“We are committed to ensuring that GE Lighting’s long history of industry leadership continues, while bringing exceptional value and reliability to retail partners and consumers as the number one intelligent lighting company worldwide. Never before has connectivity, security, intelligent lighting and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers.”
The transaction includes the use of the GE Lighting brand by Savant Systems for the long term, and will “broaden the market reach of both companies”, said Savant Systems in a press release.
GE Chairman and CEO H. Lawrence Culp, Jr. said of the acquisition in a statement that it will continue the legacy of General Electric founder Thomas Edison by advancing the brand’s name in a new age of smart home infrastructure and automation.
“Today’s transaction is another important step in the transformation of GE into a more focused industrial company. Our GE Lighting colleagues will join a fast-growing leader in home automation that shares their passion for bringing the future to light.
“Together with Savant, GE Lighting will continue its legacy of innovation, while we at GE will continue to advance the infrastructure technologies that are core to our company and draw on the roots of our founder, Thomas Edison.”
Bridie Schmidt specialises in writing about new technology and how it can help solve the problems of carbon emissions and climate change. With a degree in Communications from Macquarie University, and 20 years experience in front end web development, she has freelanced as a web and graphic designer since 2001. She has been writing about electric vehicles since 2018, has a keen interest in the role that zero emissions transport has to play in sustainability and is co-organiser of the Northern Rivers Electric Vehicle Forum. You can email Bridie at [email protected].