Google Inc. announced on Jan 13, 2014 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.
ABOUT NEST LABS, INC:
Nest reinvents unloved but important home products, like the thermostat and smoke alarm. The company focuses on delighting customers with simple, beautiful and thoughtful hardware, software and services. The Nest Learning Thermostat™ and Nest Energy Services offerings address home energy consumption, and Nest Protect: Smoke + Carbon Monoxide™ will help keep people safe. Nest products are sold in the U.S., U.K. and Canada, and are installed in more than 90 countries. The Nest Learning Thermostat has helped save more than 1,000,000,000 kWh of energy to date. Nest is privately funded and based in Palo Alto, Calif. For more information, visit nest.com.
ABOUT GOOGLE INC:
Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world. For more information, visit google.com/about/.