Amazon Acquisition Of Ring Brings Big Smart Home Security Plans For The Future
Ring, previously DoorBot, was pitched to many investors by Jamie Siminoff, the founder, on a popular television show. O’Leary offered $700,000 loan along with a 5 percent equity stake. However, Siminoff did not take it up and left without getting investments.
With the publicity, Siminoff built Ring so that it became an indispensable part of the smart house market. The company had in employment 1,300 people and had 10 core products which were sold in over 16,000 retail outlets.
GeekWire broke the news of Amazon acquisition agreement with Ring this week. The companies haven’t disclosed financial terms, but at a reported valuation of $1.1 billion, it would be the second-largest acquisition in Amazon’s history, behind only last year’s purchase of Whole Foods Market for $13.7 billion.
Ring has plans for the future. It will be sold as a comprehensive home security system whose security will include much more than video doorbells and cameras. Even in the smart home market, Ring is not Amazon’s first purchase. A company, Blink, was acquired by Amazon last year. Amazon even tried to buy August Home, another smart locker maker. But unfortunately, the deal was not successful.
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