LG has acquired the Homey smart home platform in its move to expand the ThinQ ecosystem. LG recently acquired Athom, the creator of the Homey and the platform includes a hub, bridge, and an App store. The acquisition agreement implies that LG gets an 80% stake in Athom. It also includes a clause that could see LG acquiring the rest of the stake within three years.
There are no official details of the value of the LG-Athom deal but it has been estimated to be worth $61 million. The deal has further expanded the connectivity options available to the LG brand. LG’s ThinQ platform which runs on webOS is essentially limited to LG products but the new deal will signal an expansion of the ThinQ ecosystem.
The integration of the Homey platform will allow for third-party devices to be onboarded into the ecosystem. Homey has an open ecosystem, unlike ThinQ with multiple connection options including Bluetooth, WiFi, ZigBee, Z-Wave, and infrared. The Homey Pro also connects with Matter and Thread and the connected device count reaches 50,000.
It is expected that the Athom acquisition by LG will fast-track its natural progression of the AI home to a software-focused platform. It is noted that LG had previously acquired Alphonso in 2021. LG is expected to continue to make these strategic acquisitions as it continues to consolidate its presence in the smart home ecosystem.
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