Google Stakes Claim in Smart Home: Acquires Nest Labs for $3.2 Billion
In January 2014, US tech giant Google announced the acquisition of smart home company Nest Labs for $3.2 billion in cash. Based in Palo Alto, California, USA, Nest Labs was renowned for its beautifully designed smart thermostats and smoke detectors, founded by former Apple executive Tony Fadell. Google's move signaled its formal and massive entry into the Internet of Things (IoT) and smart home market, aiming to integrate Nest's hardware and user data into its ecosystem.
BUSINESSES RESHAPING OUR WORLD
global n press
1/31/20141 min read
In January 2014, US tech giant Google announced the acquisition of smart home company Nest Labs for $3.2 billion in cash. Based in Palo Alto, California, USA, Nest Labs was renowned for its beautifully designed smart thermostats and smoke detectors, founded by former Apple executive Tony Fadell.
Google's move signaled its formal and massive entry into the Internet of Things (IoT) and smart home market, aiming to integrate Nest's hardware and user data into its ecosystem. The acquisition shocked the tech world, as it foreshadowed the deep integration of traditional hardware with AI and data analytics, accelerating the smart home industry's rise as the next frontier for technological competition.
