Irvine-based Smartlabs Inc. was acquired by Richmond Capital Partners, a Seattle-based private investment firm, on undisclosed terms.
Smartlabs, founded in 1992, is the parent company of Insteon, an Internet of Things 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 Apple Inc. and Alphabet Inc.’s Google.
Smartlabs’ headquarters will remain in Irvine, and it plans to open a software development office in Seattle.
Richmond Capital was founded early this year 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. Smartlabs is the private investment firm’s first acquisition.
Lilleness, a prior chief executive at Santa-Ana based Universal Electronics, will also become Smartlabs’ chairman and chief executive.
The global smart electrical control market is projected to grow to $10.8 billion over the next five years, Richmond Capital said in a statement.
—Peter J. Brennan
