Nortek, Inc. (NASDAQ: NTK) has signed an agreement to acquire a 25 percent stake in MiOS Limited, a global technology company focused on developing and distributing advanced control and monitoring solutions for the home and small enterprise markets. The closing is subject to standard conditions and is expected to occur in May 2016.
Founded in 2008, MiOS, the engine behind the Vera Home Control (formerly Mi Casa Verde), has created a proven technology platform that bridges many different devices to produce hardware and software solutions that allow users to remotely control, monitor and automate their households and businesses. In addition to developing solutions for third party customers, MiOS sells its own control solutions under its Vera™ brand. With over 80 global employees, MiOS has operations in North America and South America as well as in Europe. Nortek’s minority investment will provide growth capital for product development including personnel.
“Nortek’s investment in MiOS solidifies a long-term relationship that we expect will benefit both of our companies,” says Nortek President and Chief Executive Officer Michael J. Clarke. ”MiOS has an excellent IoT platform and global development capabilities, which we intend to utilize to develop lifestyle-driven solutions for the connected home across many of our businesses. MiOS will work primarily with our Broan-NuTone business as well as Nortek Security & Control and Core Brands to develop these solutions for several of our customer segments including builders, electricians, and installing dealers.”
MiOS President, Lew Brown commented, “We are excited to partner with Nortek who shares our passion for the future of MiOS. Nortek has developed a highly respected platform and we see great opportunities to leverage Nortek’s products, brands, distribution channels and customer relationships to drive growth for both our companies.”
So what does this mean for CE pros?
“Buying a stake in MiOS means that Nortek will have more control over providing a seamless user experience for all Nortek devices,” says Avi Rosenthal, vice president for security and control at Nortek Security and Control. Calling MiOS “a mature platform,” he says it means products from Core Brands, Nutone and other Nortek brands will be able to create their own branded apps very quickly.
Indeed, Rosenthal says the first product in the works is a NuTone MiOS app that should be out in the next 30 days, along with a rebranded Vera Edge as a NuTone Smart Home Hub. Already, the 2GIG Go Control GC1 panel is the result of “a transference of technology” between Nortek and MiOS. Rosenthal says the MiOS integration will speed up the company's ability to eventually deliver the “interface-less” smart home.
To be clear, the purchase of MiOS is part of Nortek corporate, not within the Security and Control group.