Smart lock company August Home purchased by actual lock company Yale

Consolidate, consolidate, consolidate.

Smart-lock outfit Yale's parent company is buying August Home, in a move that may consolidate some of the smart lock market. The regulatory bodies involved are expected to approve Sweden-based Assa Abloy's purchase by year's end. "August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery," ASSA's executive vice president Thanasis Molokotos said in a statement.

"We have always admired the design and quality of Yale locks," August CEO Jason Johnson said in a press release. "This is a great opportunity for us to work with the world's largest lock and access company."

While this might be good news for August, customers now have to deal with a potential oligopoly where a few firms control the entire space and innovations therein.