Allegion, is making an equity investment in iDevices through Schlage Lock Company, forming a strategic alliance to expand its innovative footprint as a provider of security products and solutions in the growing Internet of Things (IoT) 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.