Posts Tagged ‘Nest Labs’

What is Google Up to With Nest Labs?

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Ron Callari of Inventor Spot recently wrote, “OK, so a $3.2 billion acquisition is nothing to sneeze at! However, when your current stock price on the Nasdaq exchange is trading at $1148 per share, and your coffers are overflowing in excess of $57 billion in cash and marketable securities – $3.2 is more or less chump change for an Internet giant. But exactly what’s Google’s end game in acquiring a company that few of us knew about? Nest, according to Tony Fadell, its founder and CEO was started humbly with one device in 2010 – the lowly unglamorous thermostat. While it seemed like ‘a crazy idea at the time – it made all the sense in the world to us,’ Faddell asserted.” Read more

Google Purchases Nest Labs for $3.2 Billion

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Nathan Ingraham of The Verge reports, “Google has just purchased Nest Labs, the maker of the Nest Learning Thermostat and Protect smoke detector, for $3.2 billion in cash. According to a Google press release, Nest will continue to operate independently under the leadership of co-founder and CEO Tony Fadell; co-founder Matt Rogers will also make the move to Google. While the transaction is subject to the usual regulatory review, Google says it expects the sale to close within the next few months. Google Ventures had already invested over $100 million in Nest, so the company has been on Mountain View’s radar for some time now. It’s not yet clear exactly how Google plans to use Nest, but the company obviously sees it as an important part of its future. A combination of Nest’s home solutions coupled with Google’s language recognition could give Google its strongest path yet into your home.” Read more