Kitchener-based Alert Labs has been acquired by Florida-based HVAC distributor Watsco. Terms of the acquisition weren’t disclosed.
Founded in 2015, Alert Labs develops smart sensors for water use and leak monitoring in homes and businesses. The startup received $100,000 from Communitech Rev’s Demo Day in November 2016, and was Intact Ventures’ first investment in Canada.
The two companies have jointly developed a remote air conditioning monitoring system.
With a presence in the US, Canada, Mexico, and Puerto Rico, Watsco has over 250,000 contractors, 568 locations, and made $4.3 billion USD in revenue in 2017. As of late, the HVAC distributor has been integrating emerging technology in its offerings, leveraging mobile apps that take advantage of its repository of product information; providing business intelligence to managers; and using analytics to improve order fill-rates and increase inventory turns.
“This partnership brings together Alert Labs’ technical experts in commercial IoT technology with Watsco’s channel of HVAC contractors,” said George Tsintzouras, co-founder and CEO of Alert Labs. “Our easy-to-install technology expands Watsco’s product offerings and establishes a strong position in the smart-home space. Our vision has always been to help homeowners reduce wasted costs and avoid property damage by giving them valuable, real-time information about what is costing them money in their homes. This partnership with Watsco advances our vision into reality.”
The two companies have jointly developed a remote air conditioning monitoring system allowing homeowners to receive alerts if unusual activity occurs. Like other Alert Labs sensors, Sentree uses a cellular network and does not require a separate data plan agreement, on-site internet, or WiFi connection.
“Alert Labs is an exceptional team of innovators, with an entrepreneurial culture that is consistent and complementary to ours,” said A.J. Nahmad, president of Watsco. “This acquisition represents the next phase of investing in ground-breaking technologies intended to deliver unique solutions and opportunities to our customers. We look forward to partnering with their talented team.”