Signify aims to expand business with acquisition of WiZ Connected

Lighting firm Signify (formerly Philips Lighting) Tuesday announced the acquisition of WiZ Connected, developer of the WiZ wi-fi-based connected lighting ecosystem for an undisclosed sum. "The addition of WiZ enables Signify to extend its leadership by stepping into the wi-fi-based smart lighting market," Signify said in a statement.

Signify CEO Eric Rondolat said the acquisition complements its existing offers and will help it to continue to deliver an experience rich in light. WiZ Connected is headquartered in Hong Kong. Its 53 staff members will continue to sell wi-fi-based connected lamps and luminaires across the world under its own brand name.

The transaction is expected to close in the second quarter of 2019. Financial details will not be disclosed, the company added.