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Google Acquires Nest for $3.2 Billion

The “Smart Homes” company that deals with internet-connected thermostats, will be helmed by Google and led by Tony Fadel

By: Graham Sigurdson
Published: January 16th, 2014 in Business » World
Nest thermostat

Nest, a maker of Internet-connected thermostats, has the high honour of being Google’s first acquisition of 2014.

The price? $3.2 billion.

The company, which is based in Palo Alto, designs self-learning and programmable thermostats and smoke detectors. Tony Fadell, you might remember his name - he's one of the creators of the iPod - founded it in 2010.

“Google will help us fully realize our vision of the conscious home and allow us to change the world faster than we ever could if we continued to go it alone,” said Fadell. “We’ve had great momentum, but this is a rocket ship.”

Nest is perhaps best known for their self-regulating thermostats. The thermostats regulate the temperature intelligently to save energy, and can be monitored by homeowners on their smartphones. The company will soon introduce ‘Protect,’ which will detect smoke and carbon monoxide. It too will send alerts through smartphones and tablets.

“Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family," said Google CEO Larry Page in a press release. "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!”

The transaction, which will close within the coming months, will see Fadell and his team continue to work with “its own distinct brand identify,” supporting iOS, Android and modern web browsers. “I’m betting that there’s a lot of cool stuff we could do together, but nothing to share today,” Fadell said.

Related articles: Nest, Smart Homes, Google, Tony Fadell, iPod, Thermostat, Internet, Technology News
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