Google buys Nest Labs for $3.2 billion

Google buys Nest Labs for $3.2 billion (http://money.cnn.com)

Technology News

The Google announced Monday 1/13/2014 that it is buying connected device maker Nest Labs for $3.2 billion in cash.

Nest Labs, led by former Apple designer Tony Fadell, develops “smart” home appliances like thermostats and smoke detectors that can program themselves and communicate with smartphones.

Nest Labs will maintain its brand name and continue to be led by Fadell, Google said, adding that the deal will likely close in the next few months.

Fadell told Fortune’s Dan Primack that Google made a very strong pitch for how we could have all the resources of a large company while retaining the independence of a next-generation Nest.
“This allows us to accelerate and stay in front of the coming wave of products for what we like to call the conscious home,” Fadell said.

Google CEO Larry Page said in a statement that Nest is “already delivering amazing products you can buy right now – thermostats that save energy and smoke/CO alarms that can help keep your family safe.”

“We are excited to bring great experiences to more homes in more countries and fulfill their dreams!” Page said.

Google shares ticked up 0.7% in after-hours trading Monday.

(Continue reading at http://money.cnn.com)

My Two Cents: Very interesting, as long as the information about your house is not being tracked and saved by Google for 3rd parties, I feel this is a great thing for everyone!

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