ASSA ABLOY has signed an agreement to acquire U.S. smart lock business August Home.
August Home is a provider of smart locks for smart home access products and services. With primary focus on the DIY channel, August offers smart locks, which now feature DoorSense, an intelligent integrated sensor that tells users if their door is open or closed, and doorbell cameras.
“August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery,” said Thanasis Molokotos, executive vice president of ASSA ABLOY and head of the Americas division.
“August has created a fantastic consumer experience through differentiated features and software,” aid Molokotos. “We look forward to the opportunity to draw from the 180 years of cumulative experience of the Yale team plus the technology expertise of the August team to create the future of smart residential doors.”
Jason Johnson, CEO of August, said, “We have always admired the design and quality of Yale locks. This is a great opportunity for us to work with the world’s largest lock and access company."
ASSA ABLOY’s acquisition is subject to regulatory approval and customary closing conditions. The acquisition is expected to be completed during Q4 2017. Financial terms of the agreement are not being disclosed.