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In this Research Note, we examine the lighting business of Signify, based on their 2024 annual results announced on 24th January 2025 including the revised organization of four verticalized businesses, implemented in April 2024 and their guidance for 2025. Signify, headquartered in Eindhoven, the Netherlands, is the global vendor of conventional lighting, LED, and connected lighting, with approximately 29,000 employees and a presence in over 70 countries. Signify 2024 Financial Highlights The business reported a 2024 nominal sales decrease of 8.4% to EUR 6,143 million, including a negative currency effect of 1.8% from USD and CNY depreciation. Comparable sales declined by 6.6%, mainly due to the accelerated decline in Conventional business, weakness in the European professional lighting business and in China. Signify’s installed base of connected light points increased from 124 million in 2023 to 144 million at year end 2024. LED-based sales represented 93% of total sales (FY 23: 85%). The agriculture lighting segment […]

Our new research shows that funding from venture capital, private equity, and corporate backers for smart building startups reached $6.9 billion in 2024, the 3rd highest year in value since 2015. This funding was spread across 279 funding rounds, a 17% increase on 2023. We identified 1,331 startups founded since 2013 in the management and operations […]

In this research note, we examine Shelly Group SE, a public company that provides IoT and smart building solutions based in Bulgaria. This article reviews their product portfolio, a Capital Markets Day presentation of 5th November 2024, preliminary 2024 financial highlights of 9th January 2025, and guidance for 2026. Shelly Group Profile Shelly Group AD is a technology holding company founded in 2010. The company was formerly known as Allterco AD and changed its name to Shelly Group in June 2023. The company is listed on the Bulgarian and Frankfurt Stock Exchanges and has recently completed its change of legal form to a European SE company. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, Slovenia, China, and the USA. Shelly Group’s products have already entered over 100 markets. Product Portfolio & Acquisitions The group continues to experience growing demand for its energy efficiency management products and solutions, as well as plug-and-play, […]

In this Research Note, we examine Smart Spaces, a UK-based vendor of smart building software for commercial real estate. We take an in-depth look at the origins of the firm, it’s deployments, and growth aspirations. Smart Spaces Origins Smart Spaces was established in 2010 as D2 Interactive Ltd, founded by Dan Drogman and his brother Thomas Drogman. The company’s origins are rooted in London, having developed from the founders’ work on the Marriott Hotel booking system in 2017. Smart Spaces is a white-label IoT platform, offering a Building Operating System and Tenant-Engagement App to enhance workplace experience. Its Smart Building OS simplifies day-to-day operational management of buildings to boost energy efficiency and save cost, while its smartphone-based app enables secure entry, desk and meeting room booking, parking or access to a host of other services. The company also provides a Master Systems Integrator (MSI) capability, with software systems integration specialists working with existing building hardware […]