August Lock Co. acquired by Assa-Abloy.
In a shake up of the lock manufacturing industry, reports are surfacing about the August Lock Company being sold to the worlds largest lock product manufacturer Assa-Abloy.
The sum of purchase is as yet undisclosed and the expectation is that regulatory approval will happen before the end of the year.
The August company launched in August 2013 after a crowdfunded campaign by it's inventor Yves Behar. The company led by CEO Jason Johnson will continue to operate independently until fully absorbed by the Assa-Abloy behemoth.
Yale, one of Assa-Abloy's oldest purchases and the company who first patented the modern pin tumbler lock system back in 1865, have also manufactured some high quality, yet competitive priced "smart" lock products in recent years. Many of their offerings are fairly reasonable quality and we like to recommend their products for their longevity, ease of use and aesthetically pleasing properties.
August modified their product offerings in the last couple of years, adding complimentary products to their initial door lock line up.
August were one on the first in a large group of crowdfunded inventors, to go to market with their door lock. Initial bumps appeared, as is common with many electronic products today, but they seem to have dealt with the issues along the way, professionally and quickly. That is a sign of an engaged operation, passionate about their offerings and concerned with the customer experience.
Many of the other large lock product manufacturers have released wireless electronic lock products to compete in this continually expanding market and we expect to see a number of additional startups get swallowed by the major industry players, before long.
(source...)
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