Smart move? Google acquires Nest Labs for USD3.2bn

15 Jan 2014

Google has announced that it has paid USD3.2 billion to acquire Nest Labs, a maker of smart thermostats, smoke alarms and other domestic gadgets, effectively securing a foothold in the lucrative ‘smart home’ market. The size of the acquisition, while not on the same scale as Google’s USD12.4 billion deal for Motorola Mobility in August 2011, indicates Google’s desire to establish itself in a market that is expected to become one of the next frontiers in internet access.

Tony Fadell, CEO of Nest – and the man credited with developing the concept and initial design of the Apple iPod – commented: ‘Google has the business resources, global scale and platform reach to accelerate Nest growth across hardware, software and services for the home globally. And our company visions are well aligned – we both believe in letting technology do the hard work behind the scenes so people can get on with the things that matter in life.’

United States, Google (Alphabet)