Mr. Beams, a Cleveland-based LED lighting technology company, has been purchased by Ring, a leader in home security, it was announced Monday at CES, the consumer electronics show in Las Vegas.
The combined businesses will integrate smart, energy-efficient lights into security devices and market a new brand of outdoor security lights called Ring Beams, according to a press release. Ring Beams, including spotlights, pathway lights and deck lights, are expected to hit the market later this year, the release said.
Mr. Beams will be an independent division within Ring Inc., and Ring will release new products under both brands. The company's purchase price was not disclosed.
The fact that Ring - valued at $460 million, according to the Los Angeles Times -- saw value in acquiring a Cleveland startup will be seen as a win for the local entrepreneurial community.
"(Mr. Beams co-founder) David Levine is an incredible entrepreneur who has built a remarkable company over the past 10 years with a great culture," said Ray Leach, CEO of JumpStart, a venture development firm that promotes local entrepreneurship. "Mr. Beam's innovative approach and leadership in the LED space has been remarkable, and we're so proud of the success that they've achieved."
Mr. Beams is one of JumpStart's portfolio companies, a press release said.
Levine and co-founder Michael Recker launched Mr. Beams in 2006 to market battery-operated, motion-detecting LED lights that were easy to install in closets or other areas around the house where wireless lighting was needed, JumpStart said in an email.
Since then, Mr. Beams has become a featured brand in major retail outlets, and has doubled its number of employees. The company spent four years on the Inc. 5000 list and was twice named to Crain's Cleveland Business list of the 52 fastest-growing companies in the region.
Levine and Recker are expected to stay with the company, and no jobs will leave the area, JumpStart said.
Ring founder Jamie Siminoff started his company in 2011, and soon offered a $200 doorbell that sent video to homeowners' smartphones and allowed them to talk to visitors, according to Los Angeles Times.
CES, which runs through Friday, is an international conference focused on consumer technologies that attracts about 170,000 attendees.