Savant Buys Racepoint Energy, Touting Its Home Control Breadth

Savant Systems bought Racepoint Energy, said the buyer Tuesday. Terms weren’t disclosed. Savant CEO Bob Madonna founded Racepoint in 2015 when he was Savant chairman and former Barnes & Noble head William Lynch was CEO. Madonna had installed solar panels at home and found the interface “clunky,” he told us. Savant Power is a scalable software platform that manages distributed energy resources such as solar, storage and flexible load management. By adding automated power, which has been renamed Savant Power, the home control company “now addresses every pillar of the connected home" including climate, lighting, entertainment, security and energy, said the company. Savant Power is helping to “transform the grid” with its automation capabilities, boosting the effectiveness of alternative power sources such as solar, batteries or generators “without compromising comfort and convenience,” said Madonna. The two companies have worked closely together, with Racepoint exhibiting in the Savant booth at recent CEDIA Expos; they also collaborated on the Vegas Modern 001 showcase home in Henderson, Nevada, unveiled last week (see 2107140054). “We are seeing an enormous investment in renewable energy, said Madonna, citing events including the Texas grid hack and rolling blackouts in California that are placing energy “top of mind” with consumers. Madonna noted Savant also acquired GE Lighting last year, bringing access to distribution at retail, electrical supply distribution and the CEDIA channel. “All of the pieces fit together to make this timing work now for Savant to acquire Racepoint Energy,” he said, allowing Savant to deliver a comprehensive smart home solution controllable by one app.