Smart Buildings

Infogrid Faces Lawsuit over 2022 Acquisition of Aquicore

Established in 2018, UK-based smart building firm Infogrid quickly made a splash in the market, picking up a range of high-value customers including banks, supermarkets, and restaurant chains, as well as the UK’s National Health Service (NHS) during the peak of the global pandemic. The firm has attracted $135.5m in investment (including debt financing) from JLL Spark, Spotify backers Northzone, and SoftBank’s Vision Fund (now known for backing several public failures like WeWork and Katerra), which triggered the firm’s CEO at the time, William Cowell de Gruchy, to claim the company was experiencing “epic growth” and was on track to hit $100 million in revenue in 2022. In November 2022, Infogrid announced the acquisition of US-based company Aquicore for what we now know to be $43 million, allowing them to expand into the large US real estate market. However, a lawsuit filed last month at the District Court of Delaware, claims that Infogrid didn’t have […]

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