ADELAIDE, AUSTRALIA: Buddy Technologies Limited, a leader in IoT and cloud-based solutions, has entered into an agreement to license its Powered by LIFX platform to Eastfield Lighting (Hong Kong) Co., Limited.

 The agreement is a non-exclusive 10 year multi-product licensing agreement to build LIFX-compatible smart lights that contemplates a minimum of an initial 500,000 licenses with no cap.

The agreement provides for a non-refundable payment of US$250,000 to initiate the arrangement, and further provides for a license fee per piece of product manufactured, per quarter.

Eastfield’s customers will have the option to either have their products controlled by the publicly available LIFX mobile applications, pay an additional fee to white-label the mobile applications with their branding, or engage Buddy Technologies’ Managed Services team to develop custom mobile applications or experiences built upon their Powered by LIFX lighting products.

Eastfield is a prominent manufacturer of lighting products in south-east China, manufacturing well in excess of 10 million lights per year.

In addition to manufacturing consumer lighting products, Eastfield is also a prominent manufacturer of high bay lighting, outdoor lighting, street lights and other commercial products.

“Having spent a lot of time at Eastfield’s factory in Shenzhen and seen the vast scale at which they manufacture lighting products, I’m delighted to have the opportunity to work with Eastfield on making their products smart, and delivering even greater value to their customers globally”, said David McLauchlan, CEO of Buddy Technologies Limited.

“The fastest way for us to place ourtechnologies into some of the most prominent brands and products in the world, is to do so via partnerships with their manufacturers such as this. This agreement is a big win for our Commercial licensing team and for future customers of Eastfield’s lighting products”.

The Powered by LIFX program has been made possible by the combination of Buddy’s Managed Services team and LIFX’s technology platform, and brings a software as a service (SaaS) recurring revenue model to the broader business. Licensing the platform into third party products provides a level of market reach and monetisation that wouldn’t be achievable solely as LIFX.

The agreement has a 10-year term, and may be terminated upon mutual agreement with 6months notice. The upfront payment of $250,000 is non-refundable.