Google has announced a £1.9 billion ($3.2 billion) deal to buy smart thermostat maker Nest Labs Inc. thereby not only scooping up a great and promising line of products, but also a great pool of talent recruited by Tony Fadell and Matt Rogers.
Nest’s acquisition is the second largest for Google in terms of monetary value after its Motorola acquisition, which set the search engine giant back by a whopping $12.5 billion. Nest will continue to operate on its own under its own brand name. Google will need regulatory approval for the acquisition and the process is expected to finish in a few months.
Google 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.”
“They’re 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!” he added.
Nest started off with a round, brushed-metal thermostat that features a convex glass screen to display temperature back in 2011. The thermostat employs learning technology and Wi-Fi connectivity allowing users to configure their heating system using computers and save energy. The company then went on to create carbon-monoxide detector as well as a smart smoke alarm.
“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”, said Fadell.