Nortek Agrees to Acquire Minority Stake in MiOS Limited
Investment will expand and accelerate Nortek’s solutions for the connected home
PROVIDENCE, R.I. — Nortek Inc. announced it has signed an agreement to acquire a 25 percent stake in MiOS Limited, a global technology company focused on developing and distributing advanced control and monitoring solutions for the home and small enterprise markets. The closing is subject to standard conditions and is expected to occur in May 2016.
Founded in 2008, MiOS has created a technology platform that bridges many different devices to produce hardware and software solutions that allow users to remotely control, monitor, and automate their households and businesses. In addition to developing solutions for third party customers, MiOS sells its own control solutions under its Vera™ brand. With over 80 global employees, MiOS has operations in North America and South America as well as in Europe. Nortek’s minority investment will provide growth capital for product development including personnel.