In a bid to add a new dimension to its research and development capabilities, Polycab India has signed an agreement to acquire a 100% stake in Silvan Innovation Labs, a technology company focused on providing cutting edge automation offerings for homes, offices, banks, retail outlets, hotels and other spaces. While exact figures were not originally reported, several Indian news sites have reported the cost of acquisition to be ₹182 million (approximately $2.5M).
According to a press release, Silvan pioneered the concept of home automation in the Indian residential building market and has a proven track record with many prominent real estate developers. In total, Silvan has successfully installed over 100,000 devices in more than 8,000 homes and offices throughout India. The company also holds 17 patents, both filed and provisional, and is based out of Bangalore.
“Our ambition is to become a forefront consumer-centric company. The domain strength of Silvan coupled with our robust go-to-market capabilities presents a great synergic combination. It is a fantastic addition to our IoT portfolio and aligns with our strategy to address evolving consumer needs with new-age innovative solutions,” says Inder T. Jaisinghani, chairman & managing director, Polycab in an interview with LiveMint.com.
Silvan was founded in 2008 by four electronics and embedded systems domain veterans possessing a cumulative experience of 120 years in reputed companies like Texas Instruments and Lucent Technologies. The founders hold advanced degrees from the premier engineering institutions in India and three of them, namely Dr. Giridhar Krishna, Mohan Gopalakrishna and Ajay Gupta, will be continuing with PIL post-acquisition.
Silvan’s IoT-based automation products and solutions portfolio includes lighting management system, room automation, temperature control devices, contactless controls, curtain control, security devices and more. This is complemented by its application and cloud platform (IPSM) for value-added services and has integrated capabilities on various third-party cloud platforms such as AWS, Google Cloud, Samsung Smart things, and IBM Watson.