Buddy’s latest acquisition LIFX is expanding in the US through Best Buy stores

April 10, 2019 02:33 PM AEST | By Team Kalkine Media
 Buddy’s latest acquisition LIFX is expanding in the US through Best Buy stores

Buddy Technologies Limited (ASX:BUD), formerly Buddy Platform Limited (till 1 April 2019), works in the information technology space and aims to provide its customers with simple and affordable solutions to make their spaces smarter and provide their occupants with more information and efficiency. The three main products of the company are Buddy Cloud, which enables global access to data and storage, Buddy Ohm, helping in monitoring resources and a mobile backend service Parse on Buddy.

On 10th April 2019, the company announced that its latest acquisition Lifi Labs, Inc. (LIFX) is expanding its foothold in the US market through Best Buy stores (just over 1,000 stores) to an additional display area.

LIFX is a global leader when it comes to smart lighting solutions and sells its products in over 100 countries worldwide directly. It also sells its products through sales partnerships with leading retailers and e-commerce platforms Amazon, Google, Bunnings, Officeworks etc.

LIFX holds a premium retail position in the Smart Home section of Best Buy stores. After the expansion, the company will present two of its most popular products (the A19 light and the LIFX Z-strip) to a new audience which will be paired with new product category (other than Smart Home).

The contracts to fabricate the new retail displays at the Best Buy stores were executed on the night of 9th April 2019 and from the next month, the rollout of the category expansion will commence. This expansion inside the Best Buy indicates the strength of the relationship between LIFX and Best Buy. This is part of the LIFX’s growth strategy which includes adding additional lighting SKUs to increased retailers in order to capture more shelf space.

Recently on 1st April 2019, the company announced the completion and issue of securities in respect to the acquisition of the entire issued share capital of LIFX. It issued 337,794,623 fully paid ordinary shares in Buddy to various minority vendors. Another 89,373,216 Shares will be issued to them upon the receipt of certain documentation. A total of 4,444,444 Shares, 24,000,000 Performance Shares and 24,000,000 Performance Rights were also issued to key executives of LIFX with 100,000,000 Options to Luminous Wide Limited. The announcement regarding debt financing for this acquisition was released on 18th March 2019

Recently there has been a lot of changes that have taken place in the company’s shareholding. Some of the entities have become a substantial shareholder of the company. King Lifi Pty Ltd ATF The King LIFI Trust, had acquired 96,746,958 fully paid ordinary shares that give them the total voting rights of 5.37%. Another entity Clark Lifi Pty Ltd <the Clark Lifi A/C> had acquired 91,282,212 fully paid ordinary shares giving them the voting right of 5.07%.

The market cap of the company is currently at A$126.05 million. The company’s stock shot up by ~3%, trading at A$0.072 (As at AEST: 2:05 PM, 10th April 2019). In the last six months, the stock has delivered a negative return of 26%, and the YTD return stands at negative 22.1%. However, over the month the stock has soared by 15.63%.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.