France-based smart home device producer Netatmo has agreed to an acquisition by one of its existing shareholders, building infrastructure services provider Legrand, for an undisclosed sum.
Founded in 2011, Netatmo markets a range of internet-of-things (IoT) devices such as smart thermostats and cameras. Its platform can also automatically open and close windows based on temperature, presence of a high amount of CO2 or rain.
The company has co-developed several connected home management systems with Legrand, including Céliane, which is aimed at the French market, and Living Now, which is targeted at Italian customers.
Netatmo’s offering will be integrated into Legrand’s suite of products, with the corporate expecting the acquisition to help strengthen its market presence and drive the further development of its IoT platform, Eliot.
Fred Potter, founder and chief executive of Netatmo, will become Eliot’s chief technology officer, while Netatmo’s engineers will join Legrand’s research and development teams.
Legrand previously led a $32m series B round in Netatmo in 2015 that also featured venture capital firm Iris Capital and French state-owned investment firm BPIfrance as well as Potter and angel investor Pascal Cagni.
Iris Capital, BPIfrance and Cagni had already supplied $6m in series A capital for the company in 2013.
Potter said: “The acquisition of Netatmo by Legrand will help make smart homes a reality, along with our aim of seeing our solutions adopted by as many people as possible.
“Our teams will continue to develop new products and update existing products with the same care to offer our users the best smart home experience.”
