IT

Amazon bolsters smart home security offerings with latest acquisition

Amazon bolsters smart home security offerings with latest acquisition

"We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods", a Ring spokesperson said in a statement.

"Acquiring Ring was a smart play for Amazon in its ongoing quest to further solidify its dominance in the smart home space". The company paid $1.2 billion for online shoe retailer Zappos in 2009, and the 2014 acquisition of video-game streaming service Twitch penciled out to about $840 million, though initial reporting had that figure closer to $1 billion.

File this under missed opportunities: Back in 2013, Los Angeles-based entrepreneur Jamie Siminoff pitched an idea for a smart doorbell on the ABC show Shark Tank.

Analysts believe that the security devices manufactured by Ring could work well with the Amazon Key, a smart lock and camera system that enables delivery persons to put packages inside the home, reducing the chance of theft or fresh food spoiling.

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Amazon and Ring both declined to comment on the terms of the transaction.

Amazon acquired the maker of Blink home security cameras for about $90 million late past year, it was reported.

Two months ago, Amazon purchased a similar start-up, Blink, which also makes video doorbells and home-security cameras.

Ring's sale marks the biggest exit for an L.A. -area start-up since Unilever bought Dollar Shave Club for $1 billion in 2016.

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Amazon Key allows couriers to deliver items inside customers' homes.

Amazon is positioning its Echo smart speaker, with the embedded Alexa voice assistant as a home technology hub.

Ring makes video doorbells that allows owners to see who's at the door remotely.

Ring has raised more than $200 million in funding and counts Richard Branson among its investors.

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With this acquisition, Amazon would be able to position the Amazon Echo as a total smart home solution hub. The company has since introduced other products, including security cameras, home alarms, and WiFi-enabled smoke detectors and flood sensors. It also positions Amazon better in its competition with Google, which has its own lines of smart home gadgets under the Nest brand, and could help Amazon combat some of its delivery issues, per Forbes.


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