Science

Amazon to Acquire Ring for Estimated $1 Billion

Amazon to Acquire Ring for Estimated $1 Billion

Amazon has gone on to buy Ring, makers of smart home security solutions in a deal that is estimated to be worth more than $1 billion. While there has not been an official comment from both companies regarding how much the acquisition was, a spokesman from Amazon said that they want to help keep their customers' houses safe and secure.

According to Geekwire, the California-based manufacturer of video cameras, WiFi-enabled doorbells and other security systems, is to be taken over by Amazon as it works on growing Alexa as a platform across different parts of the home.

"As Amazon moves more aggressively into the grocery delivery space. we believe smart security devices will be an important factor in driving user adoption", Baird Equity Research analyst Colin Sebastian said in the Reuters press release.

Ring started back in 2013 when Jamie Siminoff went on the ABC's "Shark Tank" to pitch his company Doorbot.

Ring fits well into Amazon's smart home vertical, led by the Amazon Echo smart speaker line.

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Additionally, Amazon recently launched Amazon Key in the USA - a service that allows doors to be unlocked with a smartphone instead of a physical key.

It's very likely that Amazon will use one of its largest acquisitions yet to make up for Key's shortcomings.

Details are now scarce, but GeekWire is reporting that Amazon has bought smart doorbell maker Ring for $1 billion.

Ring is valued at $760 million by Pitchbook and has raised $209 million.

Amazon's Alexa Fund, which invests in companies working on voice technology, contributed to Ring past year. Along with its video doorbells that allow homeowners to monitor front door visitors through a smartphone, Ring produces security cameras, floodlights and home alarms. A basic smart doorbell costs $179, and it comes in several versions. The buyout is also perfectly in tune with Amazon's new found love for providing smart security gadgets for domestic usage. The company also announced it had acquired Mr. Beams at that time. It has just been last December that it had acquired Blink, a company that specializes in the development of connected doorbells. Its Alexa voice-activated digital assistant, meanwhile, has emerged as one of the leading software tools linking together internet connected devices, from light bulbs to refrigerators, built by other companies.


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