ABB acquires smart home product company, Eve Systems : Tech Live Trends

ABB, which specializes in electrification and automation, has announced the acquisition of Eve Systems GmbH, a Munich-based leader of smart home products with operations in Europe and the U.S.

The transaction will make ABB a leader in smart home products based on Matter and Thread, the new interoperating standard and wireless connectivity technology, says ABB Electrification’s Smart Buildings Division President, Mike Mustapha. The combined offer will accelerate ABB’s delivery of safe, smart and energy efficient homes and buildings through Eve’s extended complementary range of consumer-facing products tailored to the retrofit market, he adds.

Financial terms of the transaction weren’t disclosed. The acquisition comes as demand for smart home technology grows in response to increased consumer interest in energy efficiency.