Thursday, November 4, 2010
uControl Merges With iControl Networks
Austin-based uControl, which develops products for the home security and automation market, is merging with Silicon Valley's iControl Network, the firms announced Thursday afternoon. Financial terms of the deal were not disclosed. According to the two, the combined company will be named iControl Networks, and will be headquartered in Palo Alto with a division in Austin. As part of the deal, Jim Johnson, CEO of uControl, becomes co-CEO of the firm, along with iControl's current CEO, Paul Dawes. uControl is backed by angels, its customers, and partners, and just raised a $9.5M round in July. iControl is backed by ADT, Charles River Ventures, Cisco, Comcast Interactive Capital, GE Security, Intel Capital and the Kleiner Perkins Caufield and Byers iFund.