Canary and Smartfrog join forces
Canary and Smartfrog, two smart home security pioneers and category leaders in the US and Europe, join forces. The two companies announced, that Smartfrog takes a controlling interest in Canary and invests $25m – alongside major existing investors – to further accelerate Canary’s growth.
Canary’s and Smartfrog’s senior management teams, led by CEO Charles Fraenkl, will run the business together to leverage resources and utilize synergies. Canary’s New York City-based team will be led by Bob Stohrer, who joined the company in 2016 as chief marketing officer and is now also appointed as Head of U.S. Operations.
“Canary ́s achievements — in creating an award-winning smart home security solution and becoming one of the fastest-growing category leaders in US — is nothing short of impressive,” said Charles Fraenkl. Canary’s focus has enabled the company to build one of the strongest subscription businesses with significant recurring revenue growth in the category and across IoT. “By join- ing forces, the group will be well positioned in an increasingly competitive market,” Fraenkl continues.
Canary and Smartfrog have complementary products, technologies, markets, business models and sales channels. While Smartfrog focused mainly on Europe, Canary built a market leadership position in the US. Smartfrog follows a pure SaaS (Software as a Service) offering with over 90% direct sales, whereas Canary offers its products mainly in retail, with over 10,000 PoS and almost half of customers attaching a service-based subscription.
The smart home security market is at an inflection point. By joining forces the group will immediately become a formidable global provider of IoT services and SaaS solutions leveraging on combined strengths. With artificial intelligence, machine learning initiatives, easy to use products and affordable prices, the group ensures continued consumer benefits and accelerated global growth.
Smartfrog is a tech company focused on the “Internet of Things”, which is about making everyday objects more intelligent and connected to the internet, e.g. via an app. The aim is to make the everyday lives of people more comfortable and more secure by making modern technologies user friendly and affordable. For this, Smartfrog has developed a universal IoT platform designed to build dedicated solutions across product areas. Having started with security and monitoring as a primary area, it offers an easy-to-use and affordable complete home security solution, so that users can always keep an eye on their home and business at any time and from anywhere. The package starts at €5.95 (£4.95) per month, with no minimum contract period and monthly cancellation. It includes the Smartfrog app, allowing users to manage up to ten cameras, a Smartfrog Cam and video storage.
Canary empowers people to live fearless lives, providing actionable, video-based intelligence about the home and activity within it. The company seamlessly integrates state-of-the-art products with sophisticated software to deliver an unparalleled experience that unites true security, effortless intelligence, and beautiful design. By harnessing powerful computer vision and machine learning algorithms to interpret an extensive array of sensor data, Canary identifies meaningful information about what happens in an environment — creating a richer and more immediate connection to the people and places that matter most. A daily habit for users, who check into the app more than three times a day, Canary distributes its products across North America and Europe and has devices activated in 180 countries.