Ring’s main objective with the acquisition is to combine the technological advancements of the two companies in order to create a whole new product called Ring Beams. Ring Beams will be security devices that will have built-in energy-efficient lights.
According to the press release Mr. Beams will now be a division within Ring Inc., although the company will continue to release new products under the Mr. Beams brand as well as the Ring brand.
Mr. Beams was co-founded by David Levine and Michael Recker in 2006. The company satisfied a market demand for wireless, battery-operated and motion detecting LED lights that would be easy to install in areas where wireless lighting is necessary due to a lack of access to a light energy outlet such as a closets.
Since its launch the company has doubled in its number of employees while becoming a featured brand in the majority of major retail outlets. The company was already selected twice Crain’s Cleveland Business list of the 52-fastest growing companies in the region.
The company is also one of Jumpstart’s portfolio companies, a venture development firm that promotes entrepreneurship in the Cleveland area. Ray Leach, the CEO of Jumpstart has heaped praise on the company and its co-founder David Levine.
“David Levine is an incredible entrepreneur who has built a remarkable company over the past 10 years with a great culture. Mr. Beam’s innovative approach and leadership in the LED space has been remarkable, and we’re so proud of the success that they’ve achieved” he said.
According to the Los Angeles Times, Ring is currently valued at $460 million.