Largest internet retailer and e-commerce tech giant, Amazon has purchased Ring, a Santa Monica, California based smart doorbell maker for a whooping $1 billion.
Previously, Amazon had invested in Ring via its investment arm, Alexa Fund, which exclusively invests in companies that aid in scaling its Alexa voice technology. This smart move of the tech giant will allow the company to expand its home security and in-house delivery services.
Spokesperson from Ring confirmed the news saying, “We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”
The tech giant is believed to retain Ring as an independent business, much like it has with its other acquisitions, like Zappos and Twitch. Even though, financial details are yet to be disclosed, it is believed to be Amazon’s largest acquisition and smartest deal so far in its history.
Amazon’s spokesperson has also confirmed the giant move, saying: “Ring’s home security products and services have delighted customers since day one. We’re excited to work with this talented team.”
E-commerce giant has been focusing its moves to get into the home security space lately. Hence this takeover did not come out of the blue. It has previously partnered with lock manufacturers Kwikset and Yale for its new in-home delivery service, Amazon Key, and recently acquired asset smart camera maker Blink.
Ring, CEO Jamie Siminoff described his relationship with Amazon stated, “To say Amazon will not compete with you is lunacy because they compete with everybody,” Further he added that, “They’re like nuclear power. They are very, very powerful and you can get amazing, clean energy from them but there’s also the possibility of getting human radiation if you’re not careful.”