For years, smart locks have been among the most popular home security products, providing both form and functionality to address customer requests. Shelly Group AD, a provider of IoT and smart building solutions, is strategically broadening its product categories and expanding into the growth segment of smart locks (intelligent door locks) by acquiring LOQED.

Shelly has acquired the material assets, including the technology (intellectual property, IP) and the inventory, of the Dutch company.

With its expansion into the smart locks product category, Shelly is tapping into a globally growing segment which the company notes is set to grow up to $5.8 billion by 2029. 

LOQED smart locks are characterized by high-quality stainless-steel hardware with compatibility among a variety of home automation systems.

Shelly will integrate LOQED into the company’s product portfolio and Shelly Cloud solutions to further supply customers with a comprehensive smart home experience.

2024 Lighting Controls and Fixtures Report

Lightapalooza took place in late February, and the growth of the event has mirrored the rapid ascension lighting fixtures and controls.

Download your copy now!

For existing LOQED customers, Shelly will continue to operate the LOQED platform as the team works to embed it into Shelly Cloud solutions as part of the upcoming integration. 

As a part of the acquisition, Shelly will gain direct access to the contract manufacturer’s plant and to the suppliers of the primary products to ensure seamless optimization. 

LOQED Attracts Shelly to Smart Locks’ Growth Potential

“By acquiring LOQED’s technology and inventory, we are intelligently tapping into a sustainable growth market,” says Wolfgang Kirsch, Co-CEO of the Shelly Group.

“The double-digit growth rates in this market segment are an excellent fit for Shelly and allows us to generate revenue from the sale of existing products from day one while developing the technology and realize efficiency potential. We are confident that with LOQED as part of Shelly, we will be able to generate significant revenue and earnings contributions as soon as 2025.” 

LOQED smart locks have numerous intelligent functions such as time-controlled opening and closing or access notifications as well as guest links for non-residents to open and close the door via their smartphone.

Shelly adds that the company’s smart lock solutions are certified in accordance with EN 1303, EN 15684, and SKG-IKOB-Opleidingen, the leading test institute for the construction sector in the Netherlands and Belgium, as particularly robust and burglar-resistant (3 stars). 

“LOQED’s smart locks fit perfectly with our approach of seamless integration and interoperability of hardware and software,” says Svetlin Todorov, CEO of Shelly USA.

“We intend to add further APIs to the locks for a wide range of providers and use cases, offering even more added value in smart building solutions. We will set new standards of excellence in this rising segment and help our customers across the U.S. benefit from additional tools that make hands off home management and security a reality.” 

Shelly recently bolstered its overall portfolio, debuting several new IoT products in front of the Light + Building 2024 conference.

• Page 1