Centrica buys water technology capability FlowGem for £13m

Centrica has acquired FlowGem Limited, an early stage UK-based business developing technology to remotely detect water leaks, for £13m.

The British Gas owner said the deal – which forms part of Centrica’s plans to invest £500m of operating costs and capital resources in Connected Home by 2020 – further strengthens its Connected Home as a leading Internet of Things business.

It adds distinctive new capabilities in the area of leak detection to the Hive product portfolio and complements Centrica’s home services businesses in the UK and North America.

Nina Bhatia, managing director of Centrica’s Connected Home business, said:“This acquisition will enable us to expand what we can do to help customers manage their homes more effectively using technology, and will enrich the offer from our existing services businesses.

“We are very excited to be extending our capabilities in this new area of leak detection, as we look to 2017.”