Ecobee acquired by generator company Generac for $770 million

An Ecobee smart thermostat

Toronto-based smart home thermostat startup Holdings for $770 million, the companies announced Monday.

The acquisition is expected to close in the fourth quarter. Ecobee CEO and founder Stuart Lombard told The Verge that he will stay on as CEO, and the company will operate as a subsidiary of Generac. It has no plans to move out of its Toronto office and has plans to “significantly” grow the office later this year, Lombard said.

Ecobee was founded in 2007 and has expanded from the smart thermostats it’s known for, adding a that doubles as a home security system to its lineup. Generac, based in Waukesha, Wisconsin, was founded in 1959 and makes backup residential...