August acquired by huge lock conglomerate

August Home, one of the buzziest names in smart locks, has been acquired by Assa Abloy, the world’s biggest lock maker and the owner of a multitude of lock brands, including Yale. August will be allowed to operate independently and will continue to be led by founder and CEO Jason Johnson.

In a press release, Assa Abloy says the acquisition both strengths its position in smart door locks — Yale has a line of its own already — and gives the company an entrance into the video doorbell market and first steps into home delivery solutions.

A purchase price isn’t being disclosed. The deal is still subject to regulatory approval but is expected to close by the end of the year.

August launched in 2013 with a big round door lock designed by Yves Behar. It iterated on that first product slowly. But in the past two years, August has expanded its portfolio in a big way: it introduced its first doorbell camera and a keypad, and just last month, it announced a second generation doorbell cam, a new pro version of its lock, and a redesigned lock with a much more traditional look.

While it may be disappointing to see a startup join a giant industry conglomerate, there’s a lot of competition in the smart lock space right now. Other startups, like Otto and Latch, have been making even higher-end products than August that offer even more features. Meanwhile, other startups continue to build products similar to the original August; and there are still multiple other traditional lock makers, like Kwikset and Schlage, going up against Yale.