SkyNetGlobal subsidiary, W Home, has acquired all shares and business assets in Melbourne-based Eon3 Home Automation for $400,000.
According to the company, the deal will give it access to Eon3's wholesale channel of more than 100 Asia-Pacific dealers to onsell its range of lifestyle products.
The acquisition will also form a significant part of W Home's plans to enter the electrical wholesale market next month, SkyNetGlobal CEO, Jonathan Soon, said.
As part of the deal, W Home will pay a royalty fee of five per cent to the vendor's former directors for the next three years on all sales generated as a result of the acquisition.
It will retain three of Eon3's five staff, dismissing the company's two-strong management team.
Eon3 recorded sales of $1.6 million in its last year, with a pre-tax loss of $11,000.
The deal is expected to be completed on March 4.