Charged tech market continues as Google purchases Nest Labs for $3.2B
Google (GOOG) has agreed to pay $3.2B for Nest Labs which was founded by Tony Faddell former Senior Vice President of the iPod division at Apple Inc (AAPL). He is known as “one of the fathers of the iPod”. Nest was founded while Tony was building his energy-efficient home near Lake Tahoe in California. Fadell went looking for a thermostat and was frustrated by the limited features of the devices available according to Wikipedia. Nest makes a smart smoke alarm & thermostat. Faddel and co-founder Matt Rogers will make the transition to Google. Google Ventures had been an investor in Nest Labs.
“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,” writes Tony Faddell on the Nest Blog. “We’ve had great momentum, but this is a rocket ship.”
They remain coy on future plans but it’s clear Google is making an entry to the home with this purchase and paying a large price for the services of Tony Faddell and Matt Rogers.