ASSA ABLOY acquires August Home in the US

STOCKHOLM—ASSA ABLOY has signed an agreement to acquire August Home, a leading smart lock business in the U.S.

"I am very pleased to welcome August into the ASSA ABLOY Group," Johan Molin, president and CEO of ASSA ABLOY, said in the announcement. "August constitutes a strategic addition to the Group and reinforces our position in the residential smart door market.”

Thanasis Molokotos, executive vice president for ASSA ABLOY and head of the Americas division, said August Home strengthens the company's residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery.

"ASSA ABLOY continues to advance our position in the smart home market,” Molokotos told Security Systems News. “With the acquisition of August, it gives ASSA ABLOY a partner with successful focus on retrofit locks that offer an exceptional user and software experience which complements ASSA ABLOY's focus on full replacement locks that are connected and served by the professionally installed channel.”

He added, “August has created a fantastic consumer experience through differentiated features and software. We look forward to the opportunity to draw from the 180 years of cumulative experience of the Yale team plus the technology expertise of the August team to create the future of smart residential doors.”

Based in San Francisco, August Home was founded by Jason Johnson and Yves Behar in 2013. Sales for the company are expected to reach approximately $60 million in 2018, according to the press release.

“We have always admired the design and quality of Yale locks,” Johnson, CEO of August, said in the announcement. “This is a great opportunity for us to work with the world's largest lock and access company."

The acquisition, expected to be completed during Q4 2017, is subject to regulatory approval and customary closing conditions. Financial terms of the agreement are not being disclosed.