GOOGLE Just Bought NEST(connected device company) For $3.2 Billion

GOOGLE Just Bought NEST(connected device company) For $3.2 Billion

 

Google is acquiring connected device company Nest for $3.2B. Google sent out an email to employees noting the acquisition today and later issued a press release.

Most recently, Nest was rumored to be raising a massive round of about $150 million, which would have valued it around $2 billion. From the looks of it, Google likely decided to go for broke and buy Nest outright rather than participate in another round.

 

“They’re already delivering amazing products you can buy right now–thermostats that save energy and smoke/CO alarms that can help keep your family safe,” said Google CEO Larry Page in a statement. “We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”

GOOGLE Just Bought NESTNest has been one of the most interesting startups to launch over the past few years. It’s run by Tony Fadell, who notably spearheaded development of the iPod at Apple, and it’s one of the few connected home gadget makers to have found a modicum of success.

Nest is just getting started, and it makes sense for Google to snap up the most promising company when it comes to home automation.

Official Release:

MOUNTAIN VIEW, CA – JANUARY 13, 2014 — Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Nest Labs, Inc. for $3.2 billion in cash.

Nest’s mission is to reinvent unloved but important devices in the home such as thermostats and smoke alarms. Since its launch in 2011, the Nest Learning Thermostat has been a consistent best seller–and the recently launched Protect (Smoke + CO Alarm) has had rave reviews.

Larry Page, CEO of Google, said: “Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. They’re already delivering amazing products you can buy right now–thermostats that save energy and smoke/CO alarms that can help keep your family safe. We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”

Tony Fadell, CEO of Nest, said: “We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”

Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. It is expected to close in the next few months.

 

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Hamza Basharat

Hi. I'm Hamza Basharat, I love to find solutions and help people. I'm a senior writer at TheHelptimes and AboutEngg, and currently studying computer engineering.