Comcast has completed its purchase of Internet of Things company Icontrol Networks, a move the company said will enhance its Xfinity Home security and automation business.
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Comcast said it would acquire the Converge business of Icontrol in August , with Alarm.com agreeing to purchase Icontrol’s Silicon Valley and Ottawa business units, for about $140 million. Comcast and Icontrol did not reveal the financial terms of their agreement, but the deal makes sense especially since Converge built the platform that powers Xfinity Home.
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In a blog post Wednesday, SVP and general manager of Comcast’s Xfinity Home Daniel Herscovici wrote that the purchase of the Converge unit gives Comcast “full control over our research and development roadmap,” which will allow the company to invest more strategically in the future.
He added that with the buy Comcast will develop an "IoT Center of Excellence" in Austin, Texas, Icontrol’s home base.
“This will be a key hub where our engineers and developers will design innovations to support our various IoT businesses,” Herscovici wrote, adding that engineers in Austin will work closely with teams in Philadelphia, Silicon Valley, and other locations.
Finally, he said the purchase opens up a new line of business for Xfinity Home.
“We will also be able to offer wholesale services to new customers, either domestic or international,” Herscovici wrote. “We have plans to make a more formal announcement about this new line of business soon.”
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