British Gas is set to buy tech-city based energy monitoring firm AlertMe in a deal worth an estimated $100m.
The deal will create the UK’s leading connected homes provider, by bringing together British Gas’ mass market experience with AlertMe’s next generation Internet of Things technology and expertise.
Mary Turner, CEO of AlertMe said:
“AlertMe has been the pioneer in establishing and growing the Internet of Things commercially in the UK and USA.
“We have created a market-leading Internet of Things platform and a highly experienced team of technologists and operational capability, which together have given us proven ability to serve mass market customers.
“We are excited to move forward with British Gas, with an opportunity to roll out service for tens of millions of homes, and to realise our ambition for further global distribution.”
And British Gas said the new deal would allow AlertMe to boost the development of new services “that will put people in control of their homes in a way that’s simply never been possible before”.
The supplier is already using AlertMe’s technology to power Hive Active Heating, a service and app that allows people to control their heating and hot water via a mobile phone, computer or laptop.
Nina Bhatia, commercial director of British Gas, said:
“With access to new technology and skills, we’re strengthening our capability at British Gas to develop a family of products that will put people in control of their homes in a way that’s simply never been possible before.”
The deal is expected to be completed by the end of the Q1.