ASSA ABLOY Expands Digital Portfolio with Acquisition of Smart Lock Company Level Lock

ASSA ABLOY Expands Digital Portfolio with Acquisition of Smart Lock Company Level Lock

(IN BRIEF) ASSA ABLOY has acquired smart lock company Level Lock, based in Redwood City, California, to strengthen its digital access solutions in the Americas. Level Lock, founded in 2016, has 70 employees and reported $16 million in sales in 2023. The acquisition is expected to drive innovation in ASSA ABLOY’s digital offerings, though it may initially impact earnings per share (EPS) negatively.

(PRESS RELEASE) STOCKHOLM, 11-Sep-2024 — /EuropaWire/ — ASSA ABLOY, a global leader in access solutions, has expanded its portfolio with the acquisition of Level Lock, a Redwood City, California-based company known for its smart lock technology. The move is seen as a strategic step to strengthen ASSA ABLOY’s presence in the digital access market, particularly in the Americas.

Level Lock, founded in 2016, has established a reputation for its user-friendly approach to transitioning from traditional mechanical locks to digital solutions. With around 70 employees and annual sales of $16 million in 2023, the company has quickly gained traction in the smart home industry.

Industry insiders suggest that ASSA ABLOY’s acquisition of Level Lock could enhance its competitive edge by integrating Level Lock’s technology into existing products. The deal is expected to drive further innovation and growth in ASSA ABLOY’s digital offerings, though initial reports indicate that it may have a slightly negative impact on earnings per share (EPS) in the short term.

The acquisition highlights ASSA ABLOY’s commitment to advancing digital solutions in the security sector, aligning with broader market trends towards smart home technologies.

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

Media Contacts:

Nico Delvaux
President and CEO
tel. no: +46 8 506 485 82

Erik Pieder
CFO and Executive Vice President
tel. no: +46 8 506 485 72

Björn Tibell
Head of Investor Relations
tel. no: +46 70 275 67 68
e-mail: bjorn.tibell@assaabloy.com

SOURCE: ASSA ABLOY