Google Buys Nest for $3.2 Billion in Cash

[D'z Nutz]

Surprised nobody posted this.

http://www.huffingtonpost.com/2014/0...n_4591155.html

Google Buys Nest For $3.2 Billion

The Huffington Post | By Dino Grandoni Posted: 01/13/2014 4:17 pm EST | Updated: 01/13/2014 5:21 pm EST


Google is getting in the thermostat game. The company announced on Monday that it purchased Nest, the maker of high-tech thermostats and smoke detectors, for $3.2 billion in cash.

Founded by former Apple engineers Tony Fadell and Matt Rogers in 2010, Nest grabbed headlines for its pricey line of Internet-connected thermostats and fire alarms -- products not usually known for being sleekly designed or particularly high-tech.

Nest sells its thermostats on the promise of saving homeowners energy by learning their daily habits and adjusting temperature accordingly. And it set out to make smoke detectors radically easier to use: A wave of the hand stops it from beeping.

"Google has the business resources, global scale and platform reach to accelerate Nest growth across hardware, software and services for the home globally," Fadell explained in a blog post. "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."

“Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family," Google CEO Larry Page said in the company's own press release.

Nest will retain its brand name within Google. But the purchase keeps the hyped thermostat maker away from other potential suitors -- most notably Apple where Fadell helped conceive and design the first iPod in 2001. He left the company seven years later to found Nest, and many have since wondered when Apple would scoop it up. According to a report last month in The Information, Google was developing a high-tech thermostat of its own last year, implying that it was going to get into the home-automation business with or without Fadell.

A recent round of funding valued Nest at more than $2 billion, according to Recode's Kara Swisher, suggesting that Google paid top dollar to keep Nest to itself. Google Ventures, a venture capital arm of Google, invested in Nest in 2011 and again in 2012.

[schocker]

Neat, good move for them as google is moving into the home automation side as they are working on some type of home thermostat. Kind of weird to start on that though if they were looking at acquiring nest.

[kertejud2]

"Your house is on fire. If you would like to contact the fire department please log into Google +"

[redevil]

Funny to read all the posts on Nest's Twitter and Facebook page from all the Google haters out there. Even those who have the Nest Thermostat are saying they are going to get rid of it now.

I think that this a great move for Nest and Google. I personally have the Nest Thermostat installed and I love it so far.

[01RedDX]

.

[AndyL]

Curious what they bought it for... They bought into a lovely IP lawsuit again...

But, Nest has some cool IP itself... My hunch is they wanted fadell.

... And the lulz that could be had - if one suddenly made apple users choose between iPhone and thermostat...

[rx7boi]

Originally posted by kertejud2
"Your house is on fire. If you would like to contact the fire department please log into Google +"

thank you for that

[kaput]

.

[CompletelyNumb]

Originally posted by kertejud2
"Your house is on fire. If you would like to contact the fire department please log into Google +"

[e31]

Web connected thermostats are a neat idea, I just have a hard time fathoming it being 2.3 Billion neat. I have no insight into the reasons for this deal; but these kind of acquisitions smell of the 2000 dot-com bubble burst.

http://www.igotturneddownbydragonsde...ckingidiot.com
http://www.buyincrediblyspecificpetf...tisticmutt.com
http://www.workfromhomeeatdoritosand...vecoronary.com

Starting at a measly 1 Million each, cmon google.

[supe]

I agree with most of what you're saying e31, and you got your 2 and 3 backwards, 3.2 billion, however, don't forget Google is making money and lots of it. I'm more weary about twitter valued at 30 billion and they aren't even profitable.

Anyway, I also have a nest, great product but the biggest downside is its not developer friendly. I'm sure this will change now, which I think is a great thing. It was inevitable that google would get into the home automation arena, I guess they decided to just buy their way in.

[01RedDX]

.

[Maxt]

I don't see Nest being worth that kind of money unless their products are selling like hot cakes in the US which would be a total 180 from here, where Honeywell outsells the nest at probably 50:1 ratios. The current product while neat and stylish, lacks a lot of features and abilities of other systems.
The home automation market is large, but nest is pretty far behind in product range in that game.
I don't want a smoke detector that stops with a waving hand either, someone runs from a fire with their arms flailing and the thing shuts off . No thanks.

[rage2]

Google finds a way to make money. I never would've thought YouTube would pull in $5.6B a year in revenue, but Google made it happen.

[DeleriousZ]

Just one more step to skynet becoming aware.

Although if google offered to buy anything from me i'd do it in a heartbeat lol.

[davidI]

This will integrate into the steps they've taken with Google Now beautifully. Your smartphone will know when your family has left home (assuming they all have them) and can adjust the temperatures accordingly. When you appear to be on your way home, it can heat the house again.

Your smoke alarm could notify you directly if it is triggered.

I think this is just Google's way of getting into your living room and eventually having their advertising integrated in your bathroom mirror, fridge, dishwasher, laundry machine, table surface.

If Google could integrate with Amazon, we may not even have to shop anymore. Running out of laundry detergent and eggs? Your favourite brands / quantities could be automatically purchased and delivered to your door.

[Tik-Tok]

Originally posted by kertejud2
"Your house is on fire. If you would like to contact the fire department please log into Google +"

[flipstah]

Originally posted by Tik-Tok

[Xtrema]

Originally posted by 01RedDX

Not sure how comfortable I am with Google knowing when I take a shit.

Your shit has been auto uploaded, share with Google+ now!

Originally posted by DeleriousZ
Just one more step to skynet becoming aware.

http://www.theatlantic.com/technolog...theory/283048/

Joking aside, they have some of the best robotic minds in Nest. Google has been on a tear on acquire robotic companies. Terminator movies will soon be prophecy then fiction.

[Thaco]

just imagine all the hoochie selfies with a smart bathroom mirror :P