Leading automation Company Russound is set to acquire the troubled Colorado vNet IP automation Company which last month suddenly shut up shop in the USA. In Australia the move could create problems for Sydney based Smart Home Distribution who currently distributes the Colorado vNet product range.
Currently Russound is distributed by Leisuretech; however insiders claim that Russound has been looking for a new distributor in Australia following the fallout from the recent A Patent dispute with the Armour Group which saw the original Leisuretech placed into administration.
It is tipped that Russound could take over the troubled automation group by the end of the month under the terms of an agreement signed by both companies. Terms weren’t disclosed.
Colorado vNet which was a big hit at the recent CEDIA show in Sydney, is the manufacturer of IP-based multi-room-A/V and home-control systems, shut down late last month for lack of funding. Since then, the company entertained proposals from prospective investors to restart operations.
Under terms of the agreement, Colorado vNet will continue to offer vNet-branded products to its authorised dealers out of its US offices. “Colorado vNet will operate independently to preserve its dealer base and will revert to courtesy technical support services for authorised Colorado vNet dealers, effective Wednesday, Oct. 7,” said Russound CEO Charlie Porritt.
TWICE Magazine in the USA said that the acquisition gives Russound, the supplier of multi-room-A/V systems, an entree into systems that integrate the control of multiple home systems, including lighting. “The addition of Colorado vNet to the Russound family will advance both brands’ ability to deliver whole house entertainment and control solutions while expanding our [Russound] integration partnerships with a variety of lighting, HVAC, security and automation brands,” Porritt said.
