Today we completed our acquisition of Icontrol Networks Inc., specifically the innovative Converge business that creates Internet of Things (IoT) technologies and next-generation platforms for connected home security. Converge's platform already powers Xfinity Home, and we are thrilled to have them as part of the Comcast family. Here are just a few reasons why this is exciting news for our business and our customers.
First, it gives us full control over our research and development roadmap. By owning the part of Icontrol that brings the core home security technology platform to life, we can invest more strategically for the future and accelerate the pace of innovation for Xfinity Home, particularly in the area of connected home security.
Second, this acquisition gives us the ability to establish an "IoT Center of Excellence" in Austin, Texas, where Icontrol is based. This will be a key hub where our engineers and developers will design innovations to support our various IoT businesses. There are many local, talented engineers in Austin, and we are excited to welcome them to Comcast. Those engineers will work closely with our other teams in Philadelphia, Silicon Valley, and other locations across the country, to create great customer experiences that leverage our suite of products and services. We are investing in Austin, and we hope as this news spreads that we can attract even more talent to come and work with our team.
Last, but certainly not least, this announcement will open up a new wholesale line of business for Xfinity Home. With it, continue to provide the underlying platform that powers home security and automation services to a number of leading MSOs Icontrol was already serving around the world, including in Australia, Canada, and Japan. We will also be able to offer wholesale services to new customers, either domestic or international. We have plans to make a more formal announcement about this new line of business soon.
For all these reasons and more, we’re not just excited about what this means for Xfinity Home today, but also about what this could mean for the future of connected home security.