LG Acquires Homey To Boost ThinQ And Rival Samsung SmartThings

LG Electronics has announced the acquisition of an 80% stake in Athom, a Dutch company renowned for its smart home platform, Homey. LG plans to acquire the remaining 20% over the next three years. This move aims to enhance LG’s ThinQ smart home platform, positioning it to better compete with Samsung’s SmartThings, a leading player in the smart home market.

Homey, established in 2014, supports over 50,000 smart home devices from various brands such as Aqara, Honeywell, IKEA, Netatmo, Philips Hue, Samsung, and Sonos; It is compatible with Amazon Alexa and Google Assistant. Homey Pro, a central hub, supports multiple connectivity standards including Bluetooth, Wi-Fi, Zigbee, Z-Wave Plus, Infrared, Matter, and Thread.

Homey is favored by users seeking privacy and extensive customization options through features like Advanced Flow and HomeyScript.

Following the acquisition, LG plans to integrate Homey’s capabilities into its ThinQ smart home appliances and app — Existing Homey users will soon be able to manage LG ThinQ-compatible devices through the Homey app. Despite the acquisition, Athom will maintain its independent operations, branding, and team, with its founders continuing as executives to uphold their vision for an improved smart home experience.

While the exact financial details of the deal were not disclosed, the Korea Economic Daily estimates the acquisition at around KRW 85 billion (approximately $61 million). This strategic acquisition mirrors Samsung’s 2014 purchase of SmartThings for $200 million, which has since been integrated into Samsung’s product lineup, including refrigerators, soundbars, and TVs.

This acquisition represents LG’s commitment to expanding its smart home ecosystem and offering enhanced compatibility with third-party devices. The integration of Homey is expected to bolster ThinQ’s competitiveness against established platforms like SmartThings, providing users with a more comprehensive and customizable smart home experience.

Filed in Home >Robots. Read more about AI (Artificial Intelligence), LG and Samsung.

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