Google to acquire Nest for $3.2 billion in cash. This is a great buy for the tech giant. Nest makes the best thermostat control you have ever seen. They allow you to adjust the temp with a smart phone.
Nest Labs is a home automation company that designs and manufactures sensor-driven, Wi-Fi-enabled, self-learning, programmable thermostats and smoke detectors. Co-founded by former Apple engineers Tony Fadell and Matt Rogers in 2010, the start-up company quickly grew to more than 130 employees by the end of 2012.
The company introduced their first product, the Nest Learning Thermostat, in 2011. In October 2013, Nest Labs announced the Nest Protect smoke and carbon monoxide detector.
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Google Inc on Monday announced plans to acquire Nest Labs Inc, a maker of smart thermostats and smoke alarms, for $3.2 billion, signaling the Internet company's intention to expand into a broader array of devices and bringing valuable hardware design expertise in-house.
Nest, which was co-founded by one of the creators of Apple Inc's iconic iPod music player, will continue to operate as its own distinct brand after the all-cash deal closes, Google said.
The deal is the second-largest in Google's history, after the $12.5 billion acquisition of mobile phone maker Motorola.
"Nest Labs appears to be focused on thermostats and smoke alarms, but it's not far-fetched to see Google expanding this technology into other devices over time," said Shyam Patil, an analyst at Wedbush.
(Reporting by Alexei Oreskovic with additional reporting by Noel Randewich and Poornima Gupta; Editing by Jonathan Oatis)
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Google has just purchased Nest Labs, the maker of the Nest Learning Thermostat and Protect smoke detector, for $3.2 billion in cash. According to a Google press release, Nest will continue to operate independently under the leadership of co-founder and CEO Tony Fadell; co-founder Matt Rogers will also make the move to Google. While the transaction is subject to the usual regulatory review, Google says it expects the sale to close within the next few months. Google Ventures had already invested over $100 million in Nest, so the company has been on Mountain View's radar for some time now.
It's not yet clear exactly how Google plans to use Nest, but the company obviously sees it as an important part of its future. A combination of Nest's home solutions coupled with Google's language recognition could give Google its strongest path yet into your home. "Google will help us fully realize our vision of the conscious home and allow us to change the world faster than we ever could if we continued to go it alone," writes Fadell on the Nest blog. "We've had great momentum, but this is a rocket ship."
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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.
In the release, Google noted that Nest has been offering its best-selling thermostat since 2011 and recently began offering the Protect smoke alarm, which networks with its other devices.
Nest Founders Tony Fadell and Matt Rogers will both join Google. Rogers, pictured above, was one of the first engineers on the iPhone team at Apple.
“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!”
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