Legrand Acquires French Smart Home Startup Netatmo
Netatmo’s engineers will bring expertise in artificial intelligence (AI), integration of software into products, and user experience to Legrand’s R&D teams.
WEST HARTFORD, Conn. — Wire management and electrical installation company Legrand has announced the acquisition of Netatmo, a French startup that makes smart home devices such as security cameras, thermostats and security systems.
Founded in 2011 and based near Paris, Netatmo has 1.3 million active products globally and annual sales of about €45 million ($51 million), according to the announcement. Legrand has been a shareholder of Netatmo since 2015. The company has about 225 employees.
With the Netatmo brand integrated into Legrand’s portfolio, the company will continue to strengthen its presence in the smart home market. Using Netatmo’s smart home technology, users can control their switches and outlets verbally through Google Assistant or Siri, or manually through the Netatmo app. Another of their collaborations is smart switch and power outlet line Legrand Dooxie with Netatmo.
Netatmo’s 130 engineers will bring their expertise in artificial intelligence (AI), integration of software into products, and user experience to Legrand’s R&D teams. Fred Potter, Netatmo’s founder and CEO, will become the CTO of Legrand’s Eliot program, and will contribute to the design of connected solutions from both companies.
“The acquisition of Netatmo by Legrand will help make smart homes a reality, along with our aim of seeing our solutions adopted by as many people as possible,” Potter states. “Our teams will continue to develop new products and update existing products with the same care to offer our users the best smart home experience.”
Terms of the transaction were not disclosed.
Benoît Coquart, Legrand’s CEO, comments: “Legrand is delighted to welcome Netatmo’s teams, having experienced their talents and energy during the very fruitful co-development project that led to successful launches of Céliane with Netatmo, Living Now with Netatmo and dooxie with Netatmo. Legrand and Netatmo’s combined expertise in IoT will allow to speed up the development of our connected, high value-in-use offerings.”
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