LED product manufacturer Revolution Lighting Technologies, Inc., formerly Nexxus Lighting, recently announced it has acquired Seesmart Technologies, Inc. for approximately $20 million.
Seesmart, based in Simi Valley, California, is an LED solutions provider with products serving the commercial, industrial and institutional lighting markets. Seesmart’s exclusive network of more than 50 distributors has completed hundreds of LED projects in both retrofit and new construction applications. Seesmart’s pipeline of potential projects currently exceed $1 billion and include large school districts, commercial office and retail buildings, industrial facilities and government buildings. Seesmart’s customers include SL Green, Memorial Sloan-Kettering Cancer Center, the City of Los Angeles, Idealease, and the Cerebral Palsy Associations of New York.
Under the terms of the agreement, Revolution paid approximately $20 million, with 50% of the consideration in shares of Revolution stock and 50% in cash. Revolution has reserved approximately 14 million shares of common stock for issuance to holders of Seesmart common stock and convertible notes pursuant to the transaction.
