Google to acquire Nest
Retail Editor 3 -- Home Textiles Today, January 14, 2014
Mountain View, Calif. - Google Inc. said it will buy Nest Labs, makers of self-programming home appliances like thermostats and smoke detectors that can interface with smartphones, for $3.2 billion in cash.
In a statement, Larry Page, ceo of Google, said, "Nest's founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. They're already delivering amazing products you can buy right now--thermostats that save energy and smoke/CO alarms that can help keep your family safe."
Fadell, a former Apple designer, will continue to run Nest and the company will retain its brand identity. The transaction is expected to close in the next few months.
Nest launched in 2011with the Nest Learning Thermostat and recently introduced Protect, a smoke + CO alarm.
Tony Fadell, ceo of Nest, said: "We're thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world."