AUSTIN, Texas, March 28, 2019 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) announced it has acquired Buoy Labs, based in Santa Cruz, California. The newly acquired company produces an innovative Wi-Fi enabled solution that tracks the amount of water used in a home, integrating smart software and hardware that can identify potential leaks and intervene to prevent them through its subscription-based app services.
"Today's announcement is part of our vision to provide whole home management through four areas – comfort, security, air quality and water usage," said Mike Nefkens, president and CEO of Resideo. "Buoy Labs is the first move in our ongoing strategic initiative to identify and execute on tuck-in acquisitions. Their products and talent are a natural fit for Resideo's portfolio of professionally installed and monitored smart home solutions that integrate the critical systems of the home."
Buoy Labs is the first acquisition by Resideo since it became a standalone, publicly traded company following its spinoff from Honeywell in October 2018. Privately held Buoy Labs was founded in 2015. The company's Buoy product is professionally installed by a plumber to a home's main water line, either outside or inside the home, and can be powered by an outlet or battery. The app actively analyzes water use in the home, providing reports to the homeowner or their contractor of choice. Its software sends an alert to a potential leak and shuts off the water, automatically or via the app.
"As a startup, Buoy helped to create a smart home category for home water management and whole home leak detection," said Niccolo de Masi, Resideo's president of Products and Solutions, and chief innovation officer. "With Resideo's presence already in more than 150 million homes, Buoy will benefit from our existing solutions in the home, our strong manufacturing capabilities and contractor network in meeting the growing water market demand."
Industry studies estimate homeowners' insurance companies pay more than $9 billion in water damage claims annually, with an average of $9,000 per claim. Those studies estimate that more than 93 percent of claims could be avoided by using a leak detection device with remote shutoff. Buoy Labs is piloting its technology through an innovative partnership with a large U.S. insurance company. The Buoy product and app complements Resideo's Honeywell HomeTM Water Leak and Freeze Detector that can provide early warning of a leak or drop in temperature to help avoid expensive repairs or losses within a home.
Resideo is a leading global provider of critical comfort and security solutions primarily in residential environments, and distributor of low-voltage and security products. Building on a 130-year heritage, Resideo has a presence in more than 150 million homes, with 15 million systems installed in homes each year. We continue to serve more than 110,000 contractors through leading distributors, including our ADI Global Distribution business, which exports to more than 100 countries from more than 200 stocking locations around the world. Resideo is a $4.8 billion company with approximately 13,000 global employees. For more information about Resideo, please visit www.resideo.com.
The Honeywell Home trademark is used under a long-term license from Honeywell International Inc.