By Verne Kopytoff
February 27, 2018

Amazon is acquiring video doorbell startup Ring, just the latest in a series of moves by the retail giant to dominate the fast-growing market for Internet-connected home devices.

The deal, announced on Tuesday, gives Amazon a prominent home security company and, potentially, more tech firepower in its push to allow its delivery people to drop off packages inside buildings, where thieves can’t easily steal them. The terms of the acquisition were undisclosed, although news site Axios reported that Amazon likely paid more than $1.2 billion.

“Ring’s home security products and services have delighted customers since day one,” Amazon said in a statement. “We’re excited to work with this talented team and help them in their mission to keep homes safe and secure.”

Over the past few years, Amazon has invested heavily in the smart home, a highly competitive field that also includes Apple and Google’s Nest. The category includes everything from Internet-connected speakers that rely on voice recognition for answering questions to home security systems to door locks that can be opened with a smartphone instead of a key.

Just two months ago, Amazon acquired Blink, another maker of video doorbells. Like Ring, its products let homeowners glance at their smartphones to see a live feed of who is at their door.

Ring also makes security cameras and home security systems. In a statement, Ring said: “Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our Neighbors that make a positive impact on our homes, our communities, and the world. We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”

SPONSORED FINANCIAL CONTENT

You May Like

EDIT POST