London-based Internet of Things (IoT) startup FlowGem has been acquired by Centrica, the parent company of British Gas, in a deal worth £13m.
The acquisition of FlowGem complements the Hive system which is part of Centrica Connected Home, Centrica’s leading IoT business.
It will bring with it a number of distinctive new capabilities in the area of leak detection to the Hive product portfolio and complements Centrica’s home services businesses in the UK and North America.
This acquisition forms part of Centrica’s plans to invest £500m of operating costs and capital resources in Connected Home by 2020.
It is the latest in a series of announcements over the past 18 months which include:
Nina Bhatia, managing director of Centrica’s Connected Home business, said: “This acquisition will enable us to expand what we can do to help customers manage their homes more effectively using technology, and will enrich the offer from our existing services businesses.
“We are very excited to be extending our capabilities in this new area of leak detection, as we look to 2017.”
Daniel Green, CEO, FlowGem, added: “We have pioneered the use of Internet of Things technologies to detect in-building water issues and want to enable people to take action like never before.
“We are delighted that our technology will have a place in homes in the future as part of the Hive ecosystem.”
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