Allegion, plc is making an equity investment in iDevices through Schlage Lock Company, forming a strategic alliance to expand its innovative footprint as a leading provider of security products and solutions in the growing Internet of Things (IoT) market. Both Schlage and iDevices launched next generation connected home solutions at the 2015 International Consumer Electronic Show –Schlage SenseTM and the iDevices Switch – and the partnership will amplify their impact on the market.
Allegion Senior Vice President and President of the Americas Tim Eckersley said the company will leverage iDevices’ technology platforms and IoT expertise to accelerate new product development for the future of home automation.
“Allegion is forging a path of innovation for IoT security products and solutions,” Eckersley said. “With our latest connected products like Schlage Sense and ENGAGE technology, we’re emphasizing the convergence of mechanical and electronic technologies to pioneer safety. A strategic investment in iDevices, a premier IoT brand, strengthens our expertise in that convergence. We will continue to provide value to our customers with locks that are both strong and intelligent.”
iDevices CEO Chris Allen agreed the two companies’ strategic priorities align.
“This alliance has been a clear move for iDevices since the start of our relationship with Allegion. Both companies share a passion for bringing high-quality home products to market with a strong focus on creating unprecedented user experiences,” Allen said. “I truly believe this recent investment from Allegion and strategic alliance marks a major step toward revolutionizing the connected home.”
The partnership is consistent with Allegion’s strategy to drive growth and create shareholder value by investing in emerging technologies. Allegion and iDevices plan to enter into a joint technology agreement and Allegion will receive a minority stake in the company.
This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to our business and growth strategy, our capital allocation strategy and our financial performance. These forward-looking statements are based on the Company’s currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties – many of which are beyond our control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company’s business is included in filings it makes with the Securities and Exchange Commission from time to time, including its Form 10-K for the year ended December 31, 2013, Form 10-Qs for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014. The Company assumes no obligations to update these forward looking statements.
Allegion (NYSE: ALLE) creates peace of mind by pioneering safety and security. As a $2 billion provider of security solutions for homes and businesses, Allegion employs more than 8,000 people and sells products in more than 120 countries across the world. Allegion has more than 25 global brands, including strategic brands CISA®, Interflex®,LCN®, Schlage® and Von Duprin®. For more, visit www.allegion.com.
Founded in 2010 with the launch of the world’s first connected product, the iGrill, iDevices has emerged as a premier brand and development partner in the Internet of Things industry. iDevices aims to seamlessly connect users to their worlds with responsive products that enhance everyday life. Through the unique collaboration of its in-house team of 60 employees, iDevices is able to create products that are intelligent at their core. For more information, visit www.idevicesinc.com.