LG Electronics Acquires Majority Stake in Athom to Boost Smart Home Business

TapTechNews July 3rd news, LG Electronics today announced that it has acquired 80% of the shares of the smart home platform company Athom based in Enschede, the Netherlands, and will acquire the remaining 20% in the next three years. After the acquisition, Athom remains independent and continues to operate its business and brand.

Athom's flagship product HomeyPro can connect more than 50,000 devices and supports various connection methods including Wi-Fi, Bluetooth, Z-Wave, Matter and Thread.

LG Electronics Acquires Majority Stake in Athom to Boost Smart Home Business_0

LG plans to integrate Athom's smart home hub Homey with the generative AI-enabled ThinQ platform to create an AI home that provides the best spatial solutions.

In LG's AI home, users will interact with the generative AI, and the generative AI will manage electrical appliances and IoT devices to create a personalized environment tailored to customers' preferences.

LG envisions expanding the differentiated user experience of the AI home to various spaces such as commercial spaces and mobile environments, and ultimately realizing and promoting the concept of intelligent space.

According to the market research firm TechNavio, the global smart home market is expected to increase from $81.2 billion (TapTechNews note: currently about 591.91 billion yuan) in 2023 to $260.24 billion (currently about 1.9 trillion yuan) in 2028, with an average annual growth rate of 26.23%.

LG Electronics' CEO William Cho said: LG is evolving into a company of intelligent space solutions that connects and expands the experience of various living spaces.