Google has entered into an agreement to buy Nest Labs for $3.2 billion. Nest is a company started by former Apple engineers, and works on reinventing everyday household gadgets like thermostats and smoke alarms. Tony Fadell, Nest’s co-founder and CEO, will continue to head Nest, and the company will retain its brand identity.
Larry Page (CEO, Google): We are excited to bring great experiences to more homes in more countries and fulfill their dreams!
Nest and Google’s products are expected to have some integration in the future. Matt Rogers, co-founder and VP of Engineering with Nest, says the company will continue to support iOS as well as Android and modern web browsers. Nest customer data will not be shared with Google, and customer information will be used to providing and improving Nest’s products and services only, maintains Mr. Rogers.
The transaction is subject to customary closing conditions, and expected to close in the next few months.
[Image courtesy: Nest]
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