Smart lock company August Home has been acquired by Swedish lock manufacturer Assa Abloy, the world's largest lock manufacturer by sales volume and owner of Yale and multiple other lock brands. As is customary, the acquisition is "conditional upon regulatory approval," but Assa Abloy mentioned in its press release that it should close sometime during the fourth quarter of 2017. Any further terms of the deal have not yet been disclosed.
According to Assa Abloy executives, the company's interest in August Home comes from its ability to "strengthen" and "reinforce" Assa Abloy's position in the residential smart door market. The acquisition will also fuel the Swedish company's expansion into video doorbells and home delivery solutions.
"I am very pleased to welcome August into the ASSA ABLOY Group. August constitutes a strategic addition to the Group and reinforces our position in the residential smart door market,” says Johan Molin, President and CEO of ASSA ABLOY.
"August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery," says Thanasis Molokotos, Executive Vice President of ASSA ABLOY and Head of the Americas Division.
Speaking with TechCrunch, August Home confirmed that co-founder Jason Johnson will remain CEO of the San Francisco-based company following the acquisition. Additionally, August Home will keep its existing brand, but now operate under the Americas division of Assa Abloy.
The latest product launched by August Home was the $199 Doorbell Cam Pro, which has a full-color HD camera and microphone for two-way audio and one-way video, allowing home owners to see and talk to visitors even when they aren't home. Otherwise, the company is well known for its smart lock devices, most recently including the August Smart Lock Pro that launched in September with HomeKit support.