Google Is Buying Nest For $3.2 BillionBy: Chris Crum - January 13, 2014
Google announced on Monday that it has entered into an agreement to acquire Nest Labs. You know, the company behind the Nest Thermostat:
And Nest Protect:
Google is paying $3.2 billion in cash for the company whose mission is “to reinvent unloved but important devices in the home.”
Google CEO Larry Page 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. We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”
Fadell, Nest’s CEO, added, “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.”
Fadell will continue to lead Nest under its own brand. Some users will be no doubt be hoping they don’t have to log into Google+ to heat their homes.
For current Nest customers (and anyone else who’s curious), Nest shared this FAQ in a blog post:
Will Nest continue to support iOS so I can have the Nest app on my iPhone or iPad?
Yes, absolutely. We’ll continue supporting iOS, Android and modern web browsers so you can check in on your home and control the temperature from wherever you are.
Will Nest and Google products work with each other?
Nest’s product line obviously caught the attention of Google and I’m betting that there’s a lot of cool stuff we could do together, but nothing to share today.
What will happen to the Nest warranties on products?
No change there – we stand behind our products like we always have.
Will I still be able to find Nest products at my local retailer?
You bet. We intend to continue selling through the same partners in the US, Canada and the UK.
Will Nest customer data be shared with Google?
Google expects the acquisition, which is subject to regulatory approvals and whatnot, to close in the next few months.