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|Belkin Acquires Zensi, Signaling Major Entry into Energy Conservation Market|
|Posted: Wed May 26, 2010 12:58:00 PM|
- April 21, 2010 - Belkin International, Inc., today announced that it has completed its acquisition of Zensi, a leading developer of technology that senses and monitors energy use.
Indicating a greater commitment in energy management, this strategic acquisition is part of Belkin's expansion of its current Conserve energy management product portfolio. Belkin Conserve products, available worldwide, currently enable energy conservation in both homes and offices. Later this year, Belkin will introduce additions to its Conserve line, bringing more solutions for managing energy in the home.
Energy management is of meaningful concern to people. According to a November 2009 survey by Parks Associates, 81 percent of US online households show high interest in cutting energy costs. And, when asked the main reason for learning about ways to reduce energy consumption, 58 percent of people questioned stated that they wanted to learn how to save money on their electric bill. Belkin's Conserve products will provide easy, cost-effective ways for people to be more engaged in their energy use.
Zensi's product portfolio includes exclusive licenses to patent-pending technology developed at the School of Interactive Computing at the Georgia Institute of Technology and in the Computer Science & Engineering and Electrical Engineering departments of the University of Washington. Inventors and professors Shwetak Patel (University of Washington), Matthew S. Reynolds (Duke University), Gregory Abowd (Georgia Tech), and PhD candidate Erich Stuntebeck (Georgia Tech) are all Zensi co-founders. Patel and Reynolds will now contribute their expertise as consultants to Belkin's technology development efforts. Zensi co-founder and CEO Kevin Ashton joins Belkin as General Manager of the new Conserve business unit.
Farhan Abid, Research Analyst, Parks Associates
"Belkin is targeting an emerging market opportunity with its investment in Zensi. Our research confirms that consumers are growing more conscious of their energy usage and what it costs. They are willing to spend money to better manage their consumption and Belkin is positioning itself to capitalize on this trend.
"As people become more conscientious of their energy use, it is imperative that manufacturers not only provide the solutions to help conserve energy but also provide the motivation to conserve. With the investment in clean tech company Zensi, Belkin is aiming to keep people engaged and in control of their energy use through upcoming product offerings."
Mark Reynoso, CEO and President, Belkin
"I am very excited about our vision to help people make better, more informed decisions about their energy use. Zensi's technology furthers our ability to create powerful yet elegant energy management solutions."
Kevin Ashton, General Manager – Conserve, Belkin, and former CEO, Zensi
"There were a number of companies seeking to acquire Zensi. Belkin won out because its incredible user-experience, design, manufacturing, and distribution capabilities were the perfect complement to our advanced energy monitoring technologies. Our founders and shareholders are very excited to be bringing Zensi's technology to market exclusively via Belkin's new Conserve business unit."