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Wednesday, Jul 24, 2024
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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
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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