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Savant Systems, Inc., a home automation company based in Boston, MA, has signed a definitive agreement to purchase GE Lighting, a division of GE. Financial details of the transaction were not disclosed.
“Savant’s mission from the start has been to create the number-one smart home brand in the world, and I am confident that the acquisition of GE Lighting has moved us significantly toward that ultimate goal,” says Savant Founder and CEO Robert Madonna. “We are committed to ensuring that GE Lighting’s long history of industry leadership continues, while bringing exceptional value and reliability to retail partners and consumers as the number one intelligent lighting company worldwide. Never before has connectivity, security, intelligent lighting and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers.”
“Today’s transaction is another important step in the transformation of GE into a more focused industrial company,” adds GE Chairman and CEO H. Lawrence Culp, Jr. “Our GE Lighting colleagues will join a fast-growing leader in home automation that shares their passion for bringing the future to light. Together with Savant, GE Lighting will continue its legacy of innovation, while we at GE will continue to advance the infrastructure technologies that are core to our company and draw on the roots of our founder, Thomas Edison.”
GE Lighting has been in business for nearly 130 years, offering everything from incandescent bulbs to the industry-first LED bulbs and other smart solutions, and even the “world’s first” voice-embedded lighting product. Today, GE Lighting’s portfolio includes both home lighting and smart home solutions.
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GE Lighting will remain headquartered in Cleveland, OH, and its more than 700 employees will transfer to Savant upon completion of the transaction.
Savant offers products and systems spanning lighting, security, climate, and whole-house entertainment including smart speakers, energy management, and more. The company says it is “committed to supporting innovation in the lamp space, helping retailers grow point of sale year over year,” but will also remain committed to the professional installation channel for the home.
The proposed transaction includes a long-term licensing agreement for use of the GE brand. The transaction is subject to customary closing conditions and is expected to close mid-2020.