Under the terms of the deal, which the company announced in February, Nortek paid $US135 million for all of the outstanding common stock of 2GIG on a cash- and debt-free basis.
Although 2GIG will fold into Linear, which provides home security, personal emergency response systems (PERS) and commercial access control systems, the manufacturer will keep its name. The acquisition also includes a five-year supply agreement with Vivint, as 2GIG serves as a major supplier to the firm.
Started in 2007 by Honeywell Security veterans Lance Dean and Simon Scott, 2GIG is best known for its Go!Control self-contained security and home management system, which was developed with Linear’s support. All Linear dealers and OEM partners will now have access to the Go!Control platform as part of the transaction. 2GIG also manufactures a wide range of wireless peripherals including thermostats, panic buttons, keyfobs, glass break detectors and wireless carbon monoxide detectors.
“Acquiring 2GIG positions Linear as one of the world’s top-tier hardware developers and manufacturers in the rapidly growing residential security and home automation markets,” says Linear President Michael O’Neal.
“We’re especially excited about the synergy between the brands since 2GIG offers products that can be leveraged by Linear and its dealers to grow their businesses. At the same time, Linear offers products that can expand and enhance the 2GIG home automation platform, potentially opening doors to new market opportunities.”
