Google Inc (GOOG) acquires Nest for $3.2 billion in cash

Posted Jan 13, 2014

Google Inc (NASDAQ:GOOG) has acquired Nest for $3.2 billion in cash. Nest Labs has started selling their learning thermostat product since 2011. The company recently launched the Protect smoke alarm last year. Nest founders Tony Fadell and Matt Rogers will both join Google as part of the acquisition. Rogers was one of the first engineers to work on the iPhone at Apple. Fadell has been credited as the “one of the fathers of the iPod.”

?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,? stated Google CEO Larry Page. ?We are excited to bring great experiences to more homes in more countries and fulfill their dreams!?

With Google’s resources, Nest will be able to ramp up their product development and distribution. Nest will retain their own brand identity and will continue to be led by Fadell. The deal has to receive regulatory approval.¬†Google Ventures put money into Nest in May 2011 (Series B) and in 2012 (Series C).

Here is a Q&A that Nest and Google sent out in regards to the transition:

Will Nest continue to support iOS so I can have the Nest app on my iPhone or iPad?

Yes, absolutely. We?ll continue supporting iOS, Android and modern web browsers so you can check in on your home and control the temperature from wherever you are.

Will Nest and Google products work with each other?

Nest?s product line obviously caught the attention of Google and I?m betting that there?s a lot of cool stuff we could do together, but nothing to share today.

What will happen to the Nest warranties on products?

No change there ? we stand behind our products like we always have.

Will I still be able to find Nest products at my local retailer?

You bet. We intend to continue selling through the same partners in the US, Canada and the UK.

Will Nest customer data be shared with Google?

Our privacy policy clearly limits the use of customer information to providing and improving Nest?s products and services. We?ve always taken privacy seriously and this will not change.

[Source: TechCrunch]