Watsco Completes Acquisition of Alert Labs Inc.
COCONUT GROVE, Fla. — Watsco Inc. announced the acquisition of Alert Labs Inc., a technology company founded in 2015 and based in Kitchener, Ontario, Canada. Terms of the acquisition were not disclosed.
Alert Labs develops, designs, and builds IoT hardware and software, including cloud-based and mobile solutions aimed at protecting homes and businesses from damage and unnecessary expenses. Alert Labs will continue to develop and sell its current product portfolio led by its founders.
Alert Labs has also furthered the development and commercialization of Sentree, an IoT device invented by Watsco Ventures, a technology team based in Watsco’s Coconut Grove, Florida headquarters. Sentree attaches to an existing HVAC system and, through a proprietary cloud-based software platform, remotely measures, collects and analyzes vital performance analytics. Contractors are notified when an operating anomaly is detected or when maintenance may be required to alleviate risk of critical failure. In addition to providing data about the health of a system, this connectivity and datastream offer longevity and value to a contractor’s relationship with homeowners.
“This partnership brings together Alert Labs' technical experts in commercial IoT technology with Watsco's channel of HVAC contractors,” said George Tsintzouras, co-founder and CEP of Alert Labs. “Our easy-to-install technology expands Watsco’s product offerings and establishes a strong position in the smart-home space. Our vision has always been to help homeowners reduce wasted costs and avoid property damage by giving them valuable, real-time information about what is costing them money in their homes. This partnership with Watsco advances our vision into reality.”
“Alert Labs is an exceptional team of innovators, with an entrepreneurial culture that is consistent and complementary to ours,” said A.J. Nahmad, president of Watsco. “This acquisition represents the next phase of investing in ground-breaking technologies intended to deliver unique solutions and opportunities to our customers. We look forward to partnering with their talented team.”
Publication date: 10/10/18