June 30, 2023
ABB has acquired Eve Systems, a Munich-based smart home product provider with a pipeline of smart home accessories including smart lights, plugs, air monitors and security cameras.
The deal will integrate Eve’s pipeline of smart home products into ABB’s smart buildings, making ABB something of a one-stop-shop for customers, and signaling the company’s shift from office spaces to more domestic buildings.
ABB said the acquisition will make it a leading presence in smart home products based on Matter and Thread, a “new interoperating standard and wireless connectivity technology.”
“Matter and Thread, in which Eve is a leader, is a game-changing development for the uptake of smart home technology,” said Mike Mustapha, ABB electrification’s president. “It allows different devices and services to integrate flawlessly, intuitively, and securely, making it possible for people to manage their energy, and their surroundings conveniently and safely. It is an exciting point of growth for the industry and this acquisition brings our smart buildings commitment directly to the consumer.”
The deal comes as demand for smart home technology is seeing a rise, with ABB citing increased consumer interest and “authorities looking to incentivize retrofitting of existing building stock” as the primary motivators.
Financial details of the deal were not disclosed, though the acquisition is effective immediately with Eve Systems becoming an independently operated brand in the Building and Home Automation Solutions arm of ABB Electrification’s Smart Buildings Division.
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