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GE Current Makes Building Automation Statement with Acquisition of Daintree Networks

Last week, Current, GE’s energy services spin-off, announced the acquisition of Daintree Networks, a provider of connected building controls solutions for commercial facilities. GE states that the acquisition will enable Current to expand its building automation platform and its energy-as-a-service offering to small and medium size facilities through the deployment of Daintree's open, standards-based wireless control systems. GE has chosen not to disclose the purchase price and would not comment on reported figures ranging from $75 to $100 million, for the building automation start-up founded by Bill Wood and other former Hewlett-Packard engineers in Australia in 2003. However, managing partner at Melbourne-based venture capital firm Jolimont Capital, Teresa Engelhard, said it would return $42 million to investors from its approximately 40% stake in the company, built from a total of $17 million funding across Daintree's seed, Series A and Series B rounds. The move is being seen as a smart approach to seize a huge […]

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