Santa Ana-based Universal Electronics Inc. boosted its growing Internet of Things business with a $9 million purchase of certain assets of Residential Control Systems Inc.
Universal is the world’s largest universal remote control maker, with sales of $651.3 million last year.
Rancho Cordova-based RCS designs and manufactures energy-management and control products, including programmable, communicating thermostats, advanced HVAC controls, energy-monitoring and control devices, gateways, and in-home displays, for the residential, commercial and hospitality sectors.
The value of the cash buy could rise if certain benchmarks are hit over the next five years. Assets acquired include product lines, inventory, intellectual property, engineering and development resources, sales and distribution relationships, and other elements used in RCS’ communication and smart-thermostat business.
Universal plans to run the acquired business as a wholly-owned subsidiary and market the energy monitoring, thermostat, sensor products and services under the RCS brand.
— Chris Casacchia
