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- Dec 30, 2010
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- Austin, TX
In poker, sometimes you make a move that simply "buys" you the pot, or at least attempts to do so. Google's newest acquisition could be one of those times. They just announced a purchase of Nest Labs, the makers of the Nest computer controlled digital thermostats. Google laid down a cool $3.2 Billion for the company which was founded by a former Apple employee, Tony Fadell, best known for his iPod- and iOS-related work.
More than likely the reason Google snatched up this property was to grab their designs and their design talent. Now that Mr. Fadell and company will be working for Google, we can expect them to push further toward their future connected home plans. Whether the investment will be worth it in the long run remains to be seen.
Here's the full press release,
MOUNTAIN VIEW, CA – JANUARY 13, 2014 — Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Nest Labs, Inc. for $3.2 billion in cash.
Nest’s mission is to reinvent unloved but important devices in the home such as thermostats and smoke alarms. Since its launch in 2011, the Nest Learning Thermostat has been a consistent best seller–and the recently launched Protect (Smoke + CO Alarm) has had rave reviews.
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!”
Tony Fadell, CEO of Nest, said: “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.”
Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. It is expected to close in the next few months.