Resideo on Thursday announced that is has acquired Buoy Labs, which makes Wi-Fi-enabled sensors to help property owners manage water usage and detect potential leaks.
The acquisition is the first for Resideo since it became a standalone, publicly-traded company following its spinoff from Honeywell late last year. Based in Santa Cruz, Calif., Buoy Labs was founded in 2015 and is privately held.
"Today's announcement is part of our vision to provide whole home management through four areas – comfort, security, air quality and water usage," said Mike Nefkens, president and CEO of Resideo. "Buoy Labs is the first move in our ongoing strategic initiative to identify and execute on tuck-in acquisitions. Their products and talent are a natural fit for Resideo's portfolio of professionally installed and monitored smart home solutions that integrate the critical systems of the home."
According to a statement, the Buoy product is professionally installed by a plumber to a home's main water line and can be powered by an outlet or battery. The company’s app actively analyzes water use in the home, providing reports to the homeowner or their contractor of choice. Its software also sends an alert to a potential leak and shuts off the water, automatically or via the app.
"As a startup, Buoy helped to create a smart home category for home water management and whole home leak detection," said Niccolo de Masi, Resideo's president of Products and Solutions, and chief innovation officer. "With Resideo's presence already in more than 150 million homes, Buoy will benefit from our existing solutions in the home, our strong manufacturing capabilities and contractor network in meeting the growing water market demand."
Financial terms of the deal were not disclosed.