Google has announced plans to acquire Nest Labs, a maker of smart thermostats and smoke alarms, for $3.2 billion, signalling the internet company's intention to expand into a broader array of devices and bringing valuable hardware design expertise in-house.
Nest, which was co-founded by one of the creators of Apple's iconic iPod music player, will continue to operate as its own distinct brand after the all-cash deal closes, Google said.
The deal is the second-largest in Google's history, after the $12.5 billion acquisition of mobile phone maker Motorola.
"Nest Labs appears to be focused on thermostats and smoke alarms, but it's not far-fetched to see Google expanding this technology into other devices over time," said Shyam Patil, an analyst at Wedbush.
"Home automation is one of the bigger opportunities when you talk about the internet of everything and connecting everything. This acquisition furthers their strategy around that," he said. Full story...
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Nest, which was co-founded by one of the creators of Apple's iconic iPod music player, will continue to operate as its own distinct brand after the all-cash deal closes, Google said.
The deal is the second-largest in Google's history, after the $12.5 billion acquisition of mobile phone maker Motorola.
"Nest Labs appears to be focused on thermostats and smoke alarms, but it's not far-fetched to see Google expanding this technology into other devices over time," said Shyam Patil, an analyst at Wedbush.
"Home automation is one of the bigger opportunities when you talk about the internet of everything and connecting everything. This acquisition furthers their strategy around that," he said. Full story...
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