Amazon Acquires Ring Doorbell For US$1bn
Amazon is acquiring Ring, a doorbell company for US$1bn, making it the second biggest acquisition the online behemoth has made after acquiring WholeFoods for US$13.5bn last year.
In a joint statement Amazon and Ring says, “Ring’s home security products and services have delighted customers since day one. We are excited to work with this talented team and help them in their mission to keep homes safe and secure.”
Bloomberg reports JPMorgan Chase and Co advised Amazon on the purchase.
This purchase is helping Amazon be a prominent figure in the smart home business with the company already dominating the smart speaker segment.
Ring doorbells have built in motion sensors and cameras where users can see who is at their home via their smartphone.