Amazon acquires smart-doorbell maker Ring
Amazon has just made a deal that steps up its battle with Google to lead the connected home space.
Amazon confirmed to CNBC that it has reached an agreement to acquire Ring, the Santa Monica, Calif.-based maker of video cameras, doorbells and other smart home technologies.
“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,” a Ring spokesperson said in a statement. “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.”
According to CNBC, Amazon is expected to keep Ring as an independent business, much like it has with its other acquisitions, like Zappos and Twitch. Financial details of the move were not disclosed, but Reuters reported it could be worth more than $1 billion, making it one of the largest acquisitions in Amazon's history.
"Acquiring Ring was a smart play for Amazon in its ongoing quest to further solidify its dominance in the smart home space. Not only because the move plays into their strategy to influence consumer expectations, but Ring takes Amazon beyond the shopping cart and into assuring consumers that their packages will be delivered securely. This is a huge indicator that retailers must have a care when it comes to the entire shopper journey of their customers, which doesn't end in the digital realm, but rather when the actual purchase makes it into the hands of the shopper. In 2018, we’ll continue to see that other factors, outside of price, will have more influence on consumers," said Tushar Patel, CMO, Kibo.
Read more about the deal here.