Residential
DoJ sues to stop Assa Abloy acquiring Spectrum Brands' Home & Hardware division
September 23, 2022Ken Showers, Managing Editor
WASHINGTON, D.C. – The U.S. Department of Justice (DoJ) has filed an antitrust lawsuit to block the proposed acquisition of Spectrum Brands' Holdings Home and Hardware Improvement division by its rival, Swedish conglomerate Assa Abloy.
Assa Abloy and Spectrum make two out of three of the largest players in the residential door hardware community, an industry sector worth roughly $2.4 billion. In their complaint the DoJ alleged that the acquisition would eliminate...
ADT announces State Farm investment, partnership
September 6, 2022SSN Staff
BOCA RATON, Fla. and BLOOMINGTON, Ill.—ADT has announced it will receive a $1.2 billion equity investment from State Farm, resulting in the home insurance provider owning approximately 15 percent of the company after the equity investment and the tender offer close.
This investment will allow State Farm to acquire 133.3 million shares of ADT’s common stock at $9 per share.
In addition, ADT plans to partner with State Farm and build upon its existing relationship...
SimpliSafe honors home defenders with LTD signage for National Dog Day
August 17, 2022Ken Showers, Managing Editor
BOSTON – Home security system maker SimpliSafe is offering up a selection of unique yard signs honoring Home Security’s original protector.
August 26 was National Dog Day, and SimpliSafe has six unique limited edition yard signs that celebrate dogs as home protectors and are available free of purchase at SimpliSafe.com/DogDay while supplies last.
"As the experts in home protection, we uniquely know what it takes to protect our customers and the lives they've built," said...
Latch layoffs a symptom of slowing tech sector despite strong jobs report
August 16, 2022Ken Showers, Managing Editor
NEW YORK – Last week, smart access SaaS company Latch Inc. announced restructuring in order to increase its operating efficiency.
In the official press release, the company stated the August workforce reduction would affect 115 employees, 37 percent of its full-time employees. “Under this plan, Latch will renew its focus on higher margin activities with customers, continue to grow new high margin recurring revenue, and more closely align its organizational structure...
ADT reports second-quarter results
August 4, 2022Ken Showers, Managing Editor
BOCA RATON, Fla.—Smart home and small business security provider ADT released its second-quarter results today during an earnings call, with strong growth indicators and optimism for the third and fourth quarters.
The tone of the call was positive focusing on yearly gains and a positive look at financial outcomes for the rest of 2022.
“We delivered what I believe is our best quarter ever at ADT,” said ADT President and CEO Jim DeVries. A snapshot of the financials shows a...
False alarm reduction is major goal for security device manufacturers, report says
July 25, 2022Cory Harris, Editor
DALLAS—Parks Associates, an internationally recognized market research and consulting company, has released a whitepaper noting that home security consumers are looking for solutions to reduce false alarms. as well as improve responses to events like home burglaries, with new solutions emerging for manufacturers to address these needs.
The firm’s consumer research shows 62 percent of security system owners report that their system triggered at least one false alarm over the past...
ADT acquires Portland-based smart home automation provider IOTAS
June 24, 2022SSN Staff
BOCA RATON, Fla.—ADT Inc., a provider of smart home and small business security solutions, recently acquired Portland, Ore.-based smart home automation provider IOTAS. Terms were not disclosed.
According to IOTAS, the combination of ADT Multifamily smart home solutions and IOTAS’ smart home technology will create “the next generation of smart apartments, with first-of-its-kind, in-app mobile protection for residents, coupled with even more reliability, safety and stability.”
“By...
ADT publishes 2021 environment, social and governance (ESG) report
May 5, 2022SSN Staff
BOCA RATON, Fla.—ADT Inc., the most trusted brand in smart home and small business security, today published its 2021 environmental, social and governance (ESG) report detailing the steps the company has taken to advance its ESG program.
“Respecting the environment, promoting social responsibility and leading with responsible governance are fundamental to who ADT is and guide our safe, smart and sustainable business practices,” said ADT President and CEO Jim DeVries....
DIY systems constituted 50% of all security system sales in past year, report says
April 18, 2022SSN Staff
ADDISON, Texas—New Parks Associates consumer research announced recently at ISC West reveals that 50 percent of all security system sales in the past year were DIY solutions.
The firm’s Residential Security Tracker notes that systems with professional installation continue to hold about 50 percent of the marketplace, but if consumer intentions hold, DIY systems will soon constitute the majority of the market. The firm’s 4Q 2021 update assesses the residential security...
CEDIA survey reveals home technology industry now exceeds $20B
April 7, 2022SSN Staff
FISHERS, Ind.—CEDIA, a global trade association for the home technology industry, released the Integrated Home Market Analysis in partnership with market research firm, Ancrage Consulting LLC, revealing that the integrated home market is at $20.1B.
Respondents were surveyed online from August to October 2021 and asked to report on revenue figures from the last 12 months and provide projections for 2022. Objectives include the size of the integrated home industry, areas of expenditure, project...