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Irvine’s Smartlabs Acquired

Irvine-based Smartlabs Inc. was acquired by Richmond Capital Partners, a private investment firm based in Seattle. Terms weren’t disclosed.

Smartlabs is the parent company of Insteon, an Internet of Things (IoT) technology company, and Smarthome, a website that sells home automation products. The Business Journal last year estimated SmartLabs’ annual revenue exceeded $200 million. Insteon has worked on connected-home devices for both Apple Inc. and Alphabet Inc.’s Google.

Richmond Capital was founded in early 2017 by Rob Lilleness, a tech executive with more than 20 years of experience building high-tech business in digital media, mobile, software and consumer products. The private investment firm’s first acquisition is Smartlabs.

Lilleness, a prior chief executive at Santa-Ana based Universal Electronics, will also become chairman and chief executive of SmartLabs.

The global smart electrical control market is expected to grow to $10.8 billion over the next five years, the company said in a statement.

Smartlabs’ headquarters will remain in Irvine and the company plans to open a software development office in Seattle.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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