Centrica has acquired FlowGem, an early stage UK-based business developing unique and innovative technology to remotely detect water leaks, for £13 million. The acquisition further strengthens Centrica 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. This acquisition forms part of Centrica's plans to invest £500 million of operating costs and capital resources in Connected Home by 2020.
-2.45p (-1.12%)delayed 18:15PM