Google New Nest Egg $3.2bn
Nest’s mission is “we reinvent things” unloved home devices like thermostats and smoke alarms, developers of the popular Nest Learning Thermostat.
Google will pay $3.2 bn in cash for the Palo Alto, California based company, it announced on a blog today.
Since its launch in 2011, the Nest Learning Thermostat has been a best seller, along with the recently launched WiFi connected Protect Smoke + CO Alarm that can be silenced with the wave of a hand.
In October last Nest expanded into the UK market, but it looks like Google Inc. plan to take it global.
Following the announcement, analysts Canalys tweeted: “Google buys Nest for $3.2 billion to secure a position in the lucrative home automation & energy markets. Brand and leadership will continue.”
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!”
“Nest’s product line obviously caught the attention of Google and I’m betting that there’s a lot of cool stuff we could do together, but nothing to share today,” Rogers wrote on a blog.
The home automation company will continue to operate under Fadell, with its own distinct brand identity.
Nest will continue supporting iOS, Android and multiple web browsers following the change of ownership.
The transaction is subject to customary closing conditions, including receipt of regulatory approvals in the US, expected in the next few months.