The deal will give Connovate access to Binatone\'s shelves in 1,500 stores in the US and 1,000 in Europe and boost sales by at least 10 times.
Connovate Technologies, the maker of multifunctional piece Gecko, has been acquired by Hong Kong-based consumer electronics company Binatone for an undisclosed amount, heralding a breakthrough for Indian startups in the internet-of-things (IoT) space, according to a report published in Economic Times.
The deal will give Connovate access to Binatone's shelves in 1,500 stores in the US and 1,000 in Europe and boost sales by at least 10 times.
Gecko, its coin-sized electronic device, will be bundled with home, pet and baby monitoring solutions of Binatone, which are sold under Motorola's brand.
"Binatone complements my weakness in funding, and manufacturing. I can now concentrate on what I am best at – technology," Bahubali Shete, CEO, Connovate told to ET.
The two-year-old company will merge with Binatone's subsidiary, called Hubble Connected, and embed Hubble's IoT platform for all devices, the report states further.