Newmarket, N.H. - Russound intends to acquire Colorado vNet by the end of the month under the terms of an agreement signed by both companies. Terms weren't disclosed.
Colorado vNet, 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 authorized dealers out of its Loveland, Colo., offices. "Colorado vNet will operate independently to preserve its dealer base and will revert to courtesy technical support services for authorized Colorado vNet dealers, effective Wednesday, Oct. 7," said Russound CEO Charlie Porritt.
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.
Key vNet personnel will be retained, the company added.
vNet's products include Vibe IP-based multi-room-A/V systems, including Vibe A/V servers that archive Blu-ray and DVD movie discs and CDs. Vibe's in-wall touchscreen amplifiers also control security systems, HVAC systems, lights, motorized shades and motorized screens. The company also offers its own brand of wired and wireless lighting-control systems.
Recently, Russound announced multiple initiatives to cope with the struggling housing market, including a streamlined management structure to speed up decision making, an expansion into new distribution niches and more emphasis on video-distribution products.