Eddy Solutions acquires Reed Water

2 minute read
04 May 2022

On May 4, 2022, Eddy Smart Home Solutions Ltd. ("Eddy") (TSXV: EDY) announced that it had successfully closed its previously announced acquisition of all of the issued and outstanding common shares of Reed Controls Inc. (dba Reed Water) ("Reed").  The total purchase price for the transaction was $7,359,600.

Reed developed a robust water management technology platform of hardware & cloud software to manage water related risk, conserve water & accelerate IoT adoption among global plumbing manufacturers.  Together with Eddy, the technology will further enhance the solutions, creating a unified view of the entire water infrastructure in commercial & high-rise buildings. As a result of the transaction, Eddy is positioned for substantial growth in Canada and the US, providing water control and leak mitigation services to property owners and insurance providers.

Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software.

Gowling WLG advised Eddy with respect to this transaction with a team that included Debi Sutin, Radhika Vaidyanathan, Aaron Goldstein and Emily Coulson.

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