Pordenone, Italy-based VDA Group
, an international company providing technological solutions for room automation, has acquired 53% of Town of Brookfield-based Telkonet, Inc.
As part of the deal, VDA Group paid $5 million to Telkonet in exchange for the issuance of majority shares of common stock of Telkonet.
VDA Group also has a warrant to purchase additional shares of common stock and could eventually own 65% of Telkonet. The closing date for the deal was Jan. 7.
Telkonet develops intelligent automation platforms used to help commercial clients manage their operational costs, including its EcoSmart platform that allows building owners to analyze energy data and use IoT-connected devices to reduce energy usage. The company moved all of its employees to its Town of Brookfield headquarters in 2017.
“For Telkonet, this combination represents an excellent opportunity to expand our reach within markets outside the US and to be able to compete in an increasingly attractive and competitive field,” said Jason Tienor
, chief executive officer of Telkonet. “I’m fully convinced that our combined teams will introduce exceptional new alternatives in smart technology and room controls and successfully seize the opportunities offered by this new era of intelligent automation."
According to a filing with the Securities and Exchange Commission, former Telkonet board of director members Arthur Byrnes, Peter Koss, and Leland Blatt resigned from both the board and Telkonet. VDA Group then appointed three of their own members, which changed control of the board.
Jason Tienor, chief executive officer of Telkonet, has resigned from his position. Piercarlo Gramaglia
has been named the new chief executive officer of the company. Tienor will continue to work with the company as the chief sales and operations officer of the Americas. His contract is for two years.
The deal will allow Telkonet and VDA to create a strategic dynamic that will allow each company to enhance their market position and will provide both companies with an opportunity to leverage the respective strengths of their businesses in the areas of intelligent automation, occupancy-based energy management, and IoT technology services for global markets in specific sectors, including hospitality, military housing, student housing, multi-family housing, and assisted living.
“The end-to-end technology itself serves little, the goal we are setting is to put ourselves at the service of the hospitality market, to ensure that the digital transformation in place increases its benefits exponentially,” said Gramaglia. “Sustainability and user experience can be enhanced if all the operators involved collaborate in this ambitious project.”