Home Technologies acquires Digitech
July 15, 2004
BELLEVUE, Wash. - Home Technologies, a residential systems integrator, has acquired Digitech Home Systems.
The acquisition jump starts Home Technologies plans for growth, which seeks to build the companyÃ¢â‚¬â„¢s presence in the regional market. Officials said the acquisition represents a starting point for that initiative. Digitech, a privately held residential integrator started in 2000, had operating revenues exceeding $7 million in 2003.
In a prepared statement, Home Technologies chief executive officer Lee Travis said the company plans to build upon DigitechÃ¢â‚¬â„¢s current business model for continued expansion throughout the Western United States.
As part of the agreement, Digitech will change its name to Home Technologies-Bellevue and will become a wholly owned subsidiary of Home Technologies.
The purchase price was not released in the stock and cash transaction.