Google Buys Nest for $3.2 Billion

Jan 13, 2014

Article ImageIf you needed further proof that the Internet of Things is taking off, now you have it. Google bought Nest Labs, maker of the Nest Learning Thermostat and Protect smoke detector, for a whopping $3.2 billion on January 13, 2014.

Tony Fadell, CEO and founder of Nest, announced the acquisition on the company blog. He wrote, "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. We've had great momentum, but this is a rocket ship."

Google also issued a press release. It says, "Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. It is expected to close in the next few months."