Amazon has acquired Ring, a California-based maker of internet-connected doorbells and cameras. This is part of an effort that could help the e-commerce giant to push more deeply into the home security market.
The acquisition valued Ring at more than $1 billion a person with knowledge of the matter said. This made Ring as one of the most expensive takeovers of Amazon following Whole Food’s acquisition last year.
“We’re excited to work with this talented team and help them in their mission to keep homes safe and secure,” an Amazon spokesperson said.
Ring first had the limelight with an unsuccessful mission of funding nearly five years ago on a reality television show Shark Tank. It pursued its move to win support from the likes of billionaire Richard Branson and Amazon’s Alexa Fund.
“Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our neighbors that make a positive impact on our homes, our communities and the world,” Ring said in a statement.
“We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”
Ring’s internet-linked video doorbells can be connected to smartphones which enable people to know who is at their front door and allow them to send a message.
Late last year, Amazon revealed a smart lock and camera combination as it plans to enter into home security.
Members of the Amazon’s Prime subscription service can exclusively access “Amazon Ke,” which is built to give a secure and traceable way for packages to be distributed inside homes when people are not available to receive them.
Every Key kit consists of an Amazon Cloud Cam connected to the internet and a smart door lock. Using a smartphone application, Prime members of the service can detect packages and then monitor the delivery process or check the video of drop-offs into the home.
Moreover, according to a description of the service, Key enables someone making a delivery to get the access to the receiver’s home, with Amazon monitoring to ensure that the driver is in the right place at the intended time before the door unlocks.
Amazon’s push into home security unlocked a new competitive front with Alphabet, Google’s parent company, which recently widen its line of products aimed at the similar market.
BWorldFinance is your primary source of news in the financial market, technology, and more. Visit bworldfinance.com now and get the latest happenings on the market. Register an account now and begin your investing journey!