Amazon has announced that it will acquire Ring for a price of $1 billion. Ring manufactures video doorbells and security cameras that stream live video and audio to your smartphones. The tech company is extremely popular for its product called Ring Video Doorbell which is considered as an amazing product. This deal gives Amazon a leading home security company and most likely more support towards its push to allow its delivery people to drop off packages inside buildings, preventing them from being stolen. The terms of this deal were not yet disclosed.
“Ring’s home security products and services have delighted customers since day one,” Amazon said in a statement. “We’re excited to work with this talented team and help them in their mission to keep homes safe and secure.”
Ring, previously known as DoorBot, was an early portfolio company of Amazon’s Alexa Fund. The company is supposedly one of the most expensive takeovers of Amazon since the $13.7 billion deal for Whole Foods Market last year. Ring was founded in 2012 by Jamie Siminoff. The relationship between Amazon and Ring goes back to 2016 when Amazon invested an undisclosed amount in this startup as part of a funding round.
In a statement, a Ring representative said, “Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our Neighbors that make a positive impact on our homes, our communities, and the world. 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.”
In the series of acquisitions that Amazon has been diving into, Ring is yet another tech company. Last year Amazon acquired Blink, a startup based out of Andover, MA, for $90 million. Blink also manufactures video doorbells.
This acquisition is sure to give Amazon a boost in terms of its still-central e-commerce business and its rapidly increasing smart-home business.