Amazon Put a Ring On It

March 05, 2018

amazon acquires ring for $1b

Another big disruption from Amazon, this time in home security. Amazon has reportedly acquired home security provider Ring to the tune of one billion dollars.

Ring makes WiFi enabled doorbells equipped with cameras that detect when someone is at the door. The smart doorbell rings users’ tablets or smartphones through an app that lets them see audio and video and talk to the person at the door, wherever they are.

In a statement made to CNBC, Ring’s spokesman confirmed the deal and stated, “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.”

The surprise acquisition marks the latest move by the Seattle-based tech giant into the smart home technology market. Amazon is expected to allow the company to continue operating independently as in past acquisitions such as Zappos, Twitch, and Audible, pursuing product and feature integrations where appropriate but maintaining the Ring brand and largely allowing the company to continue operating as it has in the past.

Amazon had previously invested in Rung through their the Alexa Fund, its investment arm exclusively investing in Alexa-powered devices.

This past October Amazon unveiled its own $119.99 home security camera, Cloud Cam, with a companion Amazon Key app that works with smart locks to let Amazon Prime members give house cleaners, dog walkers, package delivery companies and other service providers access to their homes. Amazon sells an Amazon Key In-Home Kit, including an Amazon Cloud Cam and a compatible smart lock, for $249.99.

Amazon had already begun been making moves to get into the home security space. It partnered with lock manufacturers Kwikset and Yale for its new in-home delivery service, Amazon Key, and recently acquired smart camera maker Blink.

And those who are fans of the show ‘Shark Tank’ may recall when founder James Siminoff appeared on the show pitching his then-called Doorbot idea. He was passed on by all Sharks except Kevin O’Leary, who made what Siminoff described as “an unreasonable offer.”

The rest, as they say, is history.

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