LG has recently acquired the Homey smart home platform as part of its strategy to enhance the ThinQ ecosystem. The acquisition involves Athom, the developer of Homey, and the platform encompasses a hub, bridge, and an App store. With this deal, LG secures an 80% stake in Athom, and there's a provision that allows LG to acquire the remaining stake within three years.
Financial Details and Impact
While the exact value of the LG-Athom deal hasn't been officially disclosed, estimates put it at approximately $61 million. This acquisition broadens the connectivity options available to the LG brand. Previously, LG's ThinQ platform, which operates on webOS, was mainly limited to LG products. However, this new deal indicates an expansion of the ThinQ ecosystem.
Integration and Connectivity
By integrating the Homey platform, LG will be able to include third-party devices in its ecosystem. Unlike ThinQ, Homey boasts an open ecosystem with multiple connection options such as Bluetooth, WiFi, ZigBee, Z-Wave, and infrared. The Homey Pro also supports Matter and Thread, facilitating connections with up to 50,000 devices.
Future Prospects
The acquisition of Athom is expected to accelerate LG's shift towards a software-centric AI home platform. This move follows LG's previous acquisition of Alphonso in 2021. LG is likely to continue making strategic acquisitions to strengthen its position in the smart home ecosystem.
