Vivint, one of the largest companies in the U.S. that makes home automation technology — like connected security systems and energy management devices — is going to be acquired for $2 billion by a private equity fund owned by the Blackstone Group. The acquisition also includes Vivint’s solar installation and finance business Vivint Solar.
Vivint was previously was 50 percent owned by Goldman Sachs, Jupiter Partners and Peterson Partners, and those firms sold their shares to Blackstone.
Vivint says the new funds will:
Allow Vivint to develop innovative new technologies, products and services designed to expand the company’s influence beyond the home environment into the “Connected Life” home automation marketplace which includes automobile, the workplace, areas of recreation and other core spheres of human activity.
The market for home automation technologies will only continue to grow as connectivity and smart devices become pervasive. A variety of startups have emerged in recent years to sell this type of connected technology, including companies focused on energy like Nest and Tendril, to large players selling security like ADT.