Wednesday, June 14, 2017
SmartLabs Acquired By Richmond Capital Partners, Raises $7.3M
Irvine-based SmartLabs, the parent company of smart home controller brand Insteon and home automation e-commerce site Smarthome, has been acquired by private investment firm Richmond Capital Partners. Financial terms of the acquisition were not announced, however, Richmond Capital Partners said it is investing $7.3M in the company, which will remain headquartered in Irvine. SmartLabs will open up a new, software development office in Seattle as part of the acquisition and investment. Rob Lilleness, former CEO of Medio Systems, will become chairman and CEO of the company as part of the acquisition.