Amazon acquires smart home company Ring for over $1bn
According to reports, Amazon has acquired Ring, a company that manufactures smart home products like video doorbells and security cameras, for over $1bn. The deal comes as Amazon looks to expand into Internet of Things and home security market with the aim to safely deliver packages inside buyers' homes who are away from home. Here's more.
Amazon's push into in-home deliveries and IoT
"As Amazon moves more aggressively into the grocery delivery space ... we believe smart security devices will be an important factor in driving user adoption," said Baird Equity Research, analyst Colin Sebastian.
Amazon's foray into home security technology
In the recent months, Amazon has been heavily investing in home security technology. Last year, Amazon invested in Ring via its Alexa Fund. Notably, this is Amazon's second acquisition in three months. In last December Amazon had acquired another smart doorbell company named Blink. Complimenting all these are Amazon's own line of smart home solutions - Amazon Cloud Cam and Amazon Key.
Details about Ring
Ring, a California based company, was launched in 2012. The company manufactures and sells smart home security products like video doorbells and home security cameras. According to Ring, it already has several of its products installed in over 1,00,000 British homes.
