6Feb 2014

Marcum Cronus Partners LLC (Marcum Cronus) is pleased to announce it acted as the exclusive financial advisor to iDevices, LLC (iDevices) on its issuance of preferred stock to institutional investors including Connecticut Innovations and Stonehenge Growth Capital, LLC. iDevices develops app-enabled products with advanced technology designed to enhance consumers’ everyday lives.

iDevices is representative of the next evolution of computing known as the Internet of Things (IoT), which is adding sensors, computing and communications technologies to machines and everyday objects to make them more useful. An initial consumer phase around wearable technology in the fitness space (Nike’s Fuelband, Jawbone’s UP, and Flex’s FitBit), for example, has moved to infotainment with Google Glass and to lifestyle with iDevices’ iGrill® and other products. This increased attention on IoT on the consumer side is also evident in Google’s recent $3.2 billion acquisition of Nest Labs, maker of sensor-driven, Wi-Fi-enabled programming thermostats and smoke detectors, as Apple, Google, and Amazon, among many other media and technology companies, want direct access to consumers’ homes and everyday activities. While on the industrial side, PTC’s $130 million acquisition of ThingWorx, an application platform and rapid application development tool set allowing companies quickly to build and deploy machine-to-machine and IoT applications, shows the keen interest in bringing connectivity and data interactivity to industrial products and processes.

“The Internet of Things is going to change not only the way that people interact with the Internet but how they live their lives, and the explosion in the number of connected and intelligent every day devices, for both business purposes and consumer uses, will create tremendous commercial opportunities. We are pleased to have been able to help iDevices, so well positioned to capitalize on those opportunities, partner with institutions excited to back its vision,” commented Alan Canzano, Managing Director of Marcum Cronus.

Elgin Thompson, Managing Director of Marcum Cronus, added, “In addition to iDevices, we continue to see tremendous activity on the part of our clients to capitalize on IoT whether it is from the perspective of hardware, software, content, or data and analytics. IoT represents a key vertical in our Digital Media and Internet Technologies coverage.”

Located in Avon, CT, iDevices specializes in developing devices that connect wirelessly to smart phones, tablets and computers by leveraging Bluetooth and Wi-Fi technology. The company began its journey with the conception and development of the iGrill®, one of the first app-enabled devices, following with the launch of the popular iShower® water resistant Bluetooth speaker. Following these successful launches, iDevices emerged as a premier development and consulting company for the app-enabled market. The company has integrated all required resources in-house to create and launch app-enabled products, both independently and with partner companies.

About Marcum Cronus Partners

Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Marcum Cronus Partners is an investment banking firm that provides financial advisory and other investment banking services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. Winner of the Association for Corporate Growth’s Boutique Investment Bank of the Year Award, Marcum Cronus is an affiliate of Marcum LLP, one of the largest independent public accounting and advisory services firms in the U.S. (with 23 offices and more than 1,100 professionals).

For further information, please contact:
Marcum Cronus Partners LLC
Director, Marketing and Business Development