Nokia’s statement of the Smartlabs financial troubles

Companies and businesses come and go, and that is how the modern economy functions. However, when a business is a licensee of the Nokia brand then it is interesting to see what happened. Smartlabs, the maker of the Nokia branded light control solution got itself in financial troubles together with its sister company Insteon. It seemed that the problem materialized overnight since not so many official statements were issued by Insteon or Nokia.

But the problem is much deeper and it involves a series of investments and a global pandemic that disrupted the supply chain and the global market. Back in November 2021, Insteon was in search of potential buyers that should continue the development of their products and services. The sales should have ended in March, but unfortunately, it didn’t happen so the company entered into an Assignment for the Benefit of Creditors.

The story definitely doesn’t have a nice ending for Smartlabs and also the licensing deal with Nokia. However, the Finns were pretty quiet about the deal, up until now when they have reached us and sent us their statement that should clear some uncertainties we had with the whole story.

Here it goes:

Smartlabs Inc has entered into an Assignment for the Benefit of Creditors (ABC).  Smartlabs was a Nokia brand licensee for smart lighting controls in United States. Nokia does not own Smartlabs, nor do we operate any part of their business. No Nokia smart lighting products were released to the market, and all production of Nokia smart lighting has ceased.

SmartLabs also issued a statement about their financial difficulties on Thursday 21 April which you can read here news2022 — Insteon. So, this was just an unfortunate resolution and while I was super excited to see products that SmartLabs have created, we’ll have to wait for some other product in the future.

 

Cheers to folks at Nokia for reaching us!