Amazon to Acquire Ring for Estimated $1 Billion

  • Amazon to Acquire Ring for Estimated $1 Billion

Amazon to Acquire Ring for Estimated $1 Billion

In what is reported (but unconfirmed) to be a $1 billion dollar deal, Amazon has acquired the company Ring, a company that manufactures video cameras, smart doorbells, and other smart home technologies.

Amazon did not dive into specifics regarding their acquisition of Ring, although it has been largely speculated that it could have to do with the company making more inroads into the home of its customers. "We look forward to being a part of the Amazon team as we work toward our vision for safer neighbourhoods". It also positions Amazon better in its competition with Google, which has its own lines of smart home gadgets under the Nest brand, and could help Amazon combat some of its delivery issues, per Forbes.

Analyst Colin Sebastian stated that as Amazon moves more aggressively into the grocery delivery industry, they believed that smart security devices will be vital in promoting user adoption. Its Alexa assistant has crossed over to numerous third-party smart home devices, including some built by Ring.

Amazon's Alexa Fund, which invests in companies working on voice technology, contributed to Ring previous year.

The company a year ago launched Amazon Key, a service that uses an Amazon-built security camera and smart locks built by other companies to grant access to the home for scheduled deliveries and other services.

That would rank Ring among Amazon's biggest acquisitions.

"I am an investor in Ring, and while the product is exciting and its mission to reduce crime in communities is important; what I found so interesting was the story of the young entrepreneur - James Siminoff - behind it". It isn't clear yet what the electronic commerce and cloud computing company has planned for its latest acquisition, but it was already disclosed that the deal involved $1 billion.

Ring makes video doorbells that allows owners to see who's at the door remotely. But, keep in mind, Amazon just bought Blink, another smart home company, in December.

Amazon has officially confirmed that they are acquiring the smart doorbell maker Ring.