Google buys 'Smart' home appliance startup Nest Labs for $3.2 billion in cash.
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Internet giant Google has acquired Nest Labs, a company that makes intelligent home appliances that you can control with apps from your smartphone for $3.2 billion in cash.
Nest Labs has made smart products like Nest Learning Thermostat and a Protect (Smoke CO Alarm). According to the deal the company will continue to function as a separate entity under the leadership of Tony Fadell. The acquisition will take a few months to process pending regulatory approval and other customary closing conditions.
Google's CEO, Larry Page stated, "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!"
"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." - Tony Fadell, CEO of Nest.
Google is acquiring next-generation tech startups and has bought eight robotics companies in the last six months. The search giant recently bought military robot maker Boston Dynamics. The company is known for its products like BigDog- a motorized robot that can handle ice and snow, Cheetah-an animal-like robot developed to run at high speeds, and a humanoid designed to work outdoors called Petman. The financial details of the deal has not been disclosed yet.