SANTA ANA, Calif. -- Universal Electronics Inc. (UEI), (NASDAQ:UEIC), the worldwide leader in universal control and sensing technologies for the smart home, has entered into an agreement to acquire certain assets of U.S.-based Residential Control Systems, Inc. (known as “RCS Technology”) – a leading designer and manufacturer of energy management and control products for the Residential, Commercial, and Hospitality markets.

Through this acquisition, UEI further solidifies its footprint in the rapidly growing IoT space by expanding its portfolio of home sensing, monitoring and control solutions to include programmable communicating thermostats (PCTs), advanced HVAC controls, energy monitoring and control devices, gateways, in-home displays and user interfaces.

The smart thermostat market is projected to have accelerated growth over the next five years, driven by several factors: advancements in communication technologies; consumer interest in home automation and monitoring; a push for energy conservation; and the growth of utility and government-sponsored programs. According to data from Navigant Research, the global market for smart and communicating thermostats is expected to double in size, from $1.1 billion in 2016 to $2.2 billion in 2020, with the largest growth forecasted in North America.

Universal Electronics Inc.