Eddy Solutions signs definitive agreement to acquire Reed WaterCompanies & People Engineering
Eddy Smart Home Solutions Ltd. has entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reed Controls Inc., for the total purchase price of approximately $7.3 million.
Upon closing of the transaction, Reed’s founders Avi Yurman and Adam Bartman will join Eddy’s leadership team, and Chief Marketing Officer Avishai Moscovich will join the Sales and Marketing team in a senior role as VP of Business Development.
Reed has developed a water management technology platform of hardware & cloud software to manage water related risk, conserve water & accelerate IoT adoption among global plumbing manufacturers. Together with Eddy, the technology will be used to create a unified view of the entire water infrastructure in commercial & high-rise buildings. Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software.
Closing of the transaction remains subject to approval by the TSX Venture Exchange and other customary closing conditions.