Smart ring maker Motiv announced it is being acquired by Proxy, which makes keyless office systems, in a shift to the enterprise market.
Proxy, which builds keyless smartphone entry systems for businesses, says it will acquire all parts of Motiv, including some employees. But Proxy also said it intends to kill the Motiv name and integrate its own smart signal technology into Motiv's hardware for a product to be used by businesses. An employee who was aware of the search for a new leader quoted one executive as saying they were "looking for the Tony Fadell of CEOs" to sell Motiv to the healthcare market.
Eventually, a complete acquisition was agreed upon. The exact price of the acquisition was not disclosed. Proxy, which emerged from stealth in 2019, builds keyless entry systems for offices using Bluetooth Low Energy signals. In March it announced it had raised $42 million in a Series B round of funding, and now intends to replicate the technology it uses in smartphones in a smart ring.
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