Digitech acquired by Home Tech.
BELLEVUE, Wash. - Digitech Home Systems, a residential integrator that recorded $7.4 million in revenue in 2003, has been acquired by Home Technologies.
Digitech, which was founded in 2000 as a low voltage installer and began delving into the electrical market in 2003, was looking to join forces with a larger organization to increase the companyÃ¢â‚¬â„¢s reach.
Ã¢â‚¬Å“Digitech has grown rapidly since its inception,Ã¢â‚¬Â said Rick Flescher, the electrical manager at the company. Ã¢â‚¬Å“However, we could see that the industry was ripe for consolidation and believed that smaller operations would need to align with larger groups to survive.Ã¢â‚¬Â
The acquisition of Digitech is the first such transaction for Home Technologies, which is using the deal as a springboard for its newly established growth plan. For Digitech, the deal opens opportunities for the company to work on larger projects.
Ã¢â‚¬Å“Home Technologies is encouraging continued growth and expansion,Ã¢â‚¬Â Flescher said.
The home systems integrator, which currently employs 64 people, but is aggressively looking to hire additional personnel, changed its name to Home Technologies-Bellevue in the beginning of September to become aligned with its parent company.
No additional changes will be made as a result of the deal. Lee Travis, chief executive officer of Home Technologies, said few adjustments were necessary to bring Digitech in line with the company.
Ã¢â‚¬Å“Digitech, we believe, is the best and largest integrator in this market,Ã¢â‚¬Â Travis said. Ã¢â‚¬Å“It is a great platform for us to build on.Ã¢â‚¬ÂBut Travis did acknowledge that the transition period will determine any additional changes.