Comcast acquires Internet of Things company Icontrol Networks
24 June 2016
Comcast Corp, the largest cable operator in the US, yesterday said that it has acquired Internet of Things company Icontrol Networks Inc., a company that developed key technologies for its Xfinity Home service.
Comcast did not provide financial terms of the deal, but the move comes two months after it acquired Hollywood studio owner DreamWorks Animation SKG Inc for $3.8 billion. (See: Comcast to buy Hollywood studio DreamWorks for $3.8 bn) Under the deal, Comcast and security company Alarm.com are acquiring and splitting up Austin, Texas-based Icontrol. Comcast will get control of Icontrol's Converge software platform, which currently powers the Xfinity Home touch-screen panel and back-end servers.
Alarm.com will take Icontrol's Connect and Piper business units. Connect is an interactive security and home automation platform, while Piper designs, produces and sells a WiFi-enabled video and home automation hub.
Alarm.com said that it will pay around $140 million for Connect and Piper.
Icontrol has been innovating around the Internet of Things since it was founded in 2003, and built edge-based platforms and technologies that support connected home security for not just Xfinity Home, but for a number of leading MSOs.
The Icontrol employees in Austin will join Comcast new engineering center of excellence in Austin and will work with its engineers in Philadelphia and Silicon Valley.