Google couldn’t make its own home energy management platform work. So rather than try to invent its way back into the burgeoning market, the internet giant decided to buy its way in.
Google just announced that it will buy Nest Labs — the intelligent thermostat and smoke detector company founded by former Apple engineers — for $3.2 billion in cash.
We’ve compiled initial reactions from investors, bloggers and consumers here.
We recently reported on speculation that Nest was nearing closure of a $150 million financing round that would value the company at $2 billion. Turns out it was a full-on acquisition from Google that values Nest at more than $3 billion.
Larry Page, Google’s CEO, issued an excited quote in the announcement: “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!”
Read the full story. (Greentech Media)
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