SANTA ANA, Calif. – Universal Electronics Inc. has entered into an agreement to acquire certain assets of Residential Control Systems, Inc. (known as RCS Technology).
Through this acquisition, UEI further solidifies its footprint in the rapidly growing IoT space by expanding its portfolio of home sensing, monitoring and control solutions to include programmable communicating thermostats, advanced HVAC controls, energy monitoring and control devices, gateways, in-home displays and user interfaces.
The smart thermostat market is projected to have accelerated growth over the next five years, driven by several factors: advancements in communication technologies, consumer interest in home automation and monitoring, a push for energy conservation and the growth of utility and government-sponsored programs. According to data from Navigant Research, the global market for smart and communicating thermostats is expected to double in size, from $1.1 billion in 2016 to $2.2 billion in 2020, with the largest growth forecasted in North America.
RCS is a supplier of smart communicating thermostats to original equipment manufacturers. RCS delivers innovative thermostat products to major HVAC manufacturers, as well as companies in security and home automation.
UEI intends to operate the acquired business as a wholly owned subsidiary and market the energy monitoring, thermostat, sensor products and services under RCS brands and its trademarks.