Google announced in a press release yesterday that it’s buying Nest Labs for $3.2 billion in cash.
Google’s CEO, Larry Page, said “Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family.” Fadell, the CEO of Nest, replied, “We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”
In 2008, Rogers and Fadell started creating smart thermostat and alarm devices. The Nest systems were designed to help consumers save money, create a safer environment, and control their devices from smartphones and tablets. The thermostat learns a schedule and saves energy when consumers are away from their home. The alarm called “Nest Protect” has both a smoke and carbon monoxide detector. The thermostat and detector are priced at $249 and $129 on the Nest website. Nest will continue to produce devices with its own brand identity. The agreement is finalizing some personal conditions along with regulatory approvals but is expected to be a closed deal in the next few months.