Nice strengthens building automation position with $285M Nortek Control acquisition
Smart building technology maker Nice has announced the acquisition of smart connected devices and systems manufacturer, Nortek Control, extending its portfolio of biometric access control offerings for smart homes and other buildings.
The transaction will expand Nice’s portfolio of integrated solutions for residential, commercial, industrial, and government customers, as well as strengthening the company’s presence in the U.S., according to the announcement.
“This acquisition reinforces our strong commitment to North America and significantly expands our global footprint,” commented Lauro Buoro, chairman and founder of Nice.
“Nice now employs over 3,000 people across five continents, encompassing the most diverse backgrounds and cultures with 16 R&D centers and manufacturing facilities servicing partners and customers in over 100 countries,” he added.
Nortek was founded in the 1960s and has in the past decades established a large portfolio of access control-focussed solutions, including ones relying on artificial intelligence, edge analytics, and biometrics.
The company launched a security and automation panel earlier this year for the pro-install smart home market designed to keep homeowners’ biometric data securely stored and processed at the edge.
Nice also picks up the brands 2GIG, ELAN, Linear, MightyMule, Proficient, SpeakerCraft, Gefen, Xantech, Panamax, Furman, numera, and IntelliVision in the transaction.
“We are very excited to join Nice,” said Nortek CEO Christopher Larocca. “Nortek Control has built a reputation for delivering innovative and industry-leading platforms to the market. With the addition of the Nice product lines, our consolidated organization will now offer one of the broadest and deepest portfolios of disruptive products to the market.”
Valued at $285 million, the transaction represents Nice’s largest investment to date.