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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "notes": "The table highlights two specific examples of consolidation: Bravas LLC (2019) and Daisy (2024-2025).",
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      "text": "We expect larger integrators to be able to extract larger price concessions and discounts in their purchasing and procurement from distributors like ADI.",
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      "text": "We see growing evidence that both ADI's supplier brands and its customers are gaining leverage and may be starting to squeeze it as a middleman distributor. There is now consolidation occurring among smart home design and integrators which is being backed by institutional capital. The biggest news has been the launch of Daisy in 2024 which is estimated to have acquired at least 10 companies already. We expect larger integrators to be able to extract larger price concessions and discounts in their purchasing and procurement from distributors like ADI.",
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      "text": "Recent Consolidators In Smart Home Integration",
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      "text": "Integrator Consolidation Is Accelerating",
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