King of Home Automation: Crestron Revenues Revealed
Crestron Electronics, a giant in building automation and smart-home technology, has tripled its revenues since 2012; CTO Fred Bargetzi discusses Mark Zuckerberg's Jarvis AI home automation system.
What are the revenues of Rockleigh, N.J.-based Crestron Electronics? The privately held leader in building controls and smart-home technology has mentioned its revenues here and there over the years, but we haven't heard anything recently.
Earlier this month, however, Crestron CTO Fred Bargetzi, in a brief interview with Bloomberg, mentioned that Crestron was a "$1.5 billion company."
According to Bargetzi, about $200 million of that business can be attributed to "high-end luxury" residential installations, featuring home automation, lighting controls, motorized window coverings, energy management, multiroom audio/video, security and some super-fancy amenities.
At $200 million, Crestron's residential business is about equal to all revenues for Control4 (Nasdaq: CTRL), another leader in home automation. While Control4 does focus on the residential market, some of its revenues are derived from commercial installations.
In February 2012, Forbes reported Crestron's annual revenues as $500 million, meaning the company has tripled its top line in just five years.
In the short interview with Forbes, Bargetzi notes that the popularity of smart devices like Nest and Amazon Echo have accelerated growth in the higher-end home-technology market.
Also during the interview, Bargetzi speaks vaguely about Crestron's work with Facebook's Mark Zuckerberg, who used Crestron technology as the basis for his home-grown Jarvis AI smart-home system.
Zuckerberg already had a Crestron system in his home. The manufacturer integrated the system with Facebook's Python API, enabling Zuckerberg to incorporate many Facebook services into his control system.
Listen to the Bloomberg interview here.
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Julie Jacobson, recipient of the 2014 CEA TechHome Leadership Award, is co-founder of EH Publishing, producer of CE Pro, Electronic House, Commercial Integrator, Security Sales and other leading technology publications. She currently spends most of her time writing for CE Pro in the areas of home automation, security, networked A/V and the business of home systems integration. Julie majored in Economics at the University of Michigan, spent a year abroad at Cambridge University, earned an MBA from the University of Texas at Austin, and has never taken a journalism class in her life. She's a washed-up Ultimate Frisbee player currently residing in Carlsbad, Calif. Email Julie at email@example.com
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