Google will acquire Nest Labs, which offers connected home thermostats and smoke alarms, for $3.2 billion in cash.
Larry Page, CEO of Google, 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!”
Nest, which is based in Palo Alto, California, is backed by KPCB, Google Ventures, Lightspeed Venture Partners, Venrock and others.
