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Last Updated: 02 July 2021

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BOSTON, MA May 27 2020-Savant Systems, Inc., Industry leader in professional smart home space has announced today that it has signed a definitive agreement to purchase GE Lighting, division of GE. Financial details of the transaction were not disclose. Savant Founder and CEO Robert Madonna say, Savants mission from the start has been to create the number one smart Home brand in the world, and I am confident that the acquisition of GE Lighting has moved us significantly toward that ultimate goal. We are committed to ensuring that GE Lighting's long history of industry leadership continue, while bringing exceptional value and reliability to retail partners and consumers as the number one intelligent lighting company worldwide. Never before has connectivity, security, intelligent lighting and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers. GE Chairman and CEO H. Lawrence Culp, Jr., Say, Today's transaction is another important step in the transformation of GE into a more focused industrial company. Our GE Lighting colleagues will join a fast-growing leader in Home automation that shares their passion for bringing the future to light. Together with Savant, GE Lighting will continue its legacy of innovation, while we at GE will continue to advance infrastructure technologies that are core to our company and draw on the roots of our Founder, Thomas Edison. For nearly 130 years, GE Lighting has been at the forefront of every major lighting innovation, from the dawn of incandescent bulbs to industry-first lead and smart solutions along with the world's first voice-embed Lighting product. Today, GE Lightings portfolio includes leading Home Lighting and innovative smart Home solutions. GE Lighting will remain headquartered in Cleveland, Ohio, and its more than 700 employees will transfer to Savant upon completion of the transaction. The Propose transaction will bring together this legacy and expertise with Savants ' best-in-class smart Home solutions and renowned culture of innovation, creating a union of trusted and recognizable premium brands in Lighting and connect Home technology markets. Savant, with award-winning products and solutions that span lighting, security, climate, whole-house entertainment including smart speakers, energy management and beyond, is one of the fastest-growing smart Home companies and is committed to supporting innovation in lamp space, helping retailers grow point of sale year over year. While the acquisition of GE Lighting will broaden the market reach of both companies, Savant brand remains steadfastly committed to the professional installation channel for Home, and it will continue to invest heavily in development of the most advanced products, solutions and services for this market. The Propose transaction includes a long-term licensing agreement for use of the GE brand. The Transaction is subject to customary closing conditions and is expected to close in mid-2020. About Savant Savant Systems, Inc., Massachusetts-base company, is a recognized leader in Home Control and automation, and one of fastest-growing smart Home companies in luxury and mid-markets.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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