Schlage Lock Parent Allegion Buying Minority Stake in iDevices

Schlage Lock parent company Allegion is taking an equity stake in iDevices to bolster its position in the Internet of Things, the companies said in a statement Thursday. Allegion will leverage iDevices’ technology platforms and IoT knowledge to accelerate new product development, Allegion President-Americas Tim Eckersley said. Terms weren’t disclosed. Allegion and iDevices said they plan a joint technology agreement, and Allegion will receive an undisclosed minority stake in the company.