Honeywell backs out of $40M Zonoff acquisition
Apr 24 2017
Zonoff, a home-automation startup closed its doors as the plan to sell the company to Honeywell in a rumored $40M deal did not materialize.
Santa Monica, based "video doorbell" maker Ring extended offers to the company's management (Zonoff CEO Mike Harris is now "President of Ring Solutions") and more than 70 employees in a positive note to the story.
Icontrol and Alarm.com, two leading competitors of Zonoff had sued Zonoff and SecureNet for patent infringement in 2014. Interestingly, Honeywell had filed an antitrust case against Icontrol and Alarm.com which it dropped after cancelling Zonoff acquisition. Apparently, Honeywell struck a deal in exchange for some kind of indemnification or licensing deal with Alarm.com and Icontrol.
R.I.P Zonoff. They will be added to our list of closed IoT companies.
+ Everyone who worked at Zonoff was offered a job on March 2 and almost all of them have accepted.
+ ADT's investment in Zonoff was debt-financed. Zonoff files for bankruptcy, ADT might come to own its assets.
+ Ring will use Zonoff's talent to expedite integration with third-party solutions, and fast-track the deployment of a broader Ring ecosystem.