August Home, one of the buzziest names in smart locks, has been acquired by Assa Abloy, the world’s biggest lock maker and the owner of a multitude of lock brands, including Yale. August will be allowed to operate independently and will continue to be led by founder and CEO Jason Johnson.
In a press release, Assa Abloy says the acquisition both strengths its position in smart door locks — Yale has a line of its own already — and gives the company an entrance into the video doorbell market and first steps into home delivery solutions.
A purchase price isn’t being disclosed. The deal is still subject to regulatory approval but is expected to close by the end of the year.
August launched in 2013 with a big round door lock designed by Yves Behar. It iterated on that first product slowly. But in the past two years, August has expanded its portfolio in a big way: it introduced its first doorbell camera and a keypad, and just last month, it announced a second generation doorbell cam, a new pro version of its lock, and a redesigned lock with a much more traditional look.
While it may be disappointing to see a startup join a giant industry conglomerate, there’s a lot of competition in the smart lock space right now. Other startups, like Otto and Latch, have been making even higher-end products than August that offer even more features. Meanwhile, other startups continue to build products similar to the original August; and there are still multiple other traditional lock makers, like Kwikset and Schlage, going up against Yale.