Strategy in TECH...
“I have a very high regard and respect for the product,” Vinu Patel, CEO of Anuva Automation told us he said to Mike Anderson earlier this year as they discussed a possible buyout. Patel was sharing the story of how he came to know – and ultimately buy – Anderson’s home automation and control company Turn It On (TiO). As we reported earlier this year, TiO had run into trouble and out of money when financial backing fell through. The situation quickly became dire.
At the CEDIA Expo earlier this month, Crestron surprised many in the integration community by offering a new, friendly, easy-to-program and easy-to-use, app-driven home automation system they call Pyng. In fact, at a presentation to the press during CEDIA Expo earlier this month, Crestron staff referred to Pyng as “the app for your home.”
Pioneer Corporation released an interesting document on September 12th – while much of the tech media was in Denver for CEDIA – titled Notice with Respect to Basic Agreement for the Integration of Pioneer’s Home AV Business and Onkyo. This curious document, six pages long, gives an update as to the state of the discussions between the parties in the previously announced “basic agreement” between Pioneer, Onkyo, and Baring Private Equity Asia for a “Capital/Business Alliance” related to Pioneer’s Home AV business.
Pioneer surprised everyone back in June of this year when word came that it had decided to sell its AV business to Onkyo Corp. and a private equity company. But actually, the gears for this and other deals were set in motion last year when the company launched a new strategic plan to focus on their core business – car electronics, their largest and most profitable division.
As we made our way to the Colorado Convention Center Wednesday morning, it was a gray, rainy, then drizzly morning. It’s a weird experience walking into a huge hall with very few people around – most there to either set up booths or to take educational classes. It was as quiet as a library and depending on where you were in the hall…it could be eerily lonely.
But it’s CEDIA’s 2014 Expo…so it’s time for Press Day, the day before the show officially opens. On this day, the press tries to pick up on the major stories of the show…and get a feel for the atmosphere of the event.
EXCLUSIVE PREVIEW!The hushed buzz of whispers of trouble at Nortek’s Core Brands had grown over the summer – culminating in almost a roar in the wake of Nortek’s last quarterly report identifying its AV division as troubled. One of the premier flagships of the Core Brands stable is SpeakerCraft. As if the SpeakerCraft crew didn’t already have enough on its plate countering these issues, the company faced a new challenge as its former founders launch a new competitor (Origin Acoustics) to a lot of noise.
For months now, the industry’s poorest kept secret has been the reentry back into the intensely dense atmosphere of the custom integration industry by the colorful and spark-spewing starship Jeremy Burkhardt – one of the original founders of SpeakerCraft, which he left (forced-out our sources tell us – Burkhardt says he “retired”) in 2012 in one of the many Nortek reorganizations. At first just a rumor, Burkhardt a few months back began a series of “leaks” about his decision to launch a new company. Speaking mostly one-on-one, off-the-record with various journalists, dealers and reps…the buzz began to build – finally reaching its crescendo on the eve of the 2014 CEDIA Expo.
Just days before Expo, Residential Systems unveiled Burkhardt’s new venture , Origin Acoustics, to the world – followed a few days later by press releases to the rest of the media.
This past June at CE Week in New York City, Onkyo was one of two manufacturers (the other being Pioneer…now part of Onkyo) who were the first in the industry to announce new Atmos-enabled AV receivers. Atmos, Dolby Labs’ latest surround sound technology that adds innovations such as “height” speakers and sound “objects,” promises to deliver to consumers an all-new, in-home entertainment experience.
But not only did Onkyo succeed in being one of the first manufacturers to introduce the technology to the market in yet-to-be-delivered new products – it went one step further and announced that it would offer owners of certain existing Onkyo A/V receiver models the ability to upgrade to Atmos (Atmos-upgradable models) through a firmware upgrade by the end of the third quarter.
In February, we told you about a report from Reuters that Bain Capital was seeking to restructure their financing package originally constructed when they purchased D&M Holdings (now known as the D+M Group) back in 2008. The original package was said to total ¥74.1 billion ($725.2 million), the senior debt portion of which is maturing this month. Reuters suggested at the time that Bain may experience difficulties getting a new deal, despite their financial prowess.
Now we learn that Reuters was right – Bain Capital has failed in its attempt to restructure the D&M Holdings debt.
Panasonic Corp. announced last week that it is launching a new product that it believes will capture major market share in the market for what they call a “wearable assist robot.” Starting in 2015, the company will field this “wearable” that – for lack of a better description – is like a lightweight, backpack-style partial exoskeleton.
