Amazon Buys Startup Ring in $1 Billion Deal to Run Your Home Security

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Buys Startup Ring in $1 Billion Deal to Run Your Home Security

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.com has agreed to buy video doorbell maker Ring, the companies said on Tuesday, in what analysts see as a growing bet on delivering packages inside of shoppers’ homes and on home security.

The deal valued Ring at more than $1 billion (roughly Rs. 6,500 crores), a source familiar with the matter told Reuters.

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declined to discuss the terms.

Ring is set to be one of

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’s most expensive takeovers, after its $13.7 billion (roughly Rs. 89,200 crores) deal last year for Whole Foods Market.

The world’s largest online retailer believes that selling Internet-connected gadgets from Kindle e-readers to its new Cloud Cam will spark more shopping on

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.com. Ring offers the company a popular consumer electronics brand that it might not have replicated internally.

More importantly, Ring’s security devices could work well with

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Key, a smart lock and camera system that lets delivery personnel put packages inside a home to avoid theft or, in the case of fresh food, spoiling.

“As

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moves more aggressively into the grocery delivery space… we believe smart security devices will be an important factor in driving user adoption,” Baird Equity Research analyst Colin Sebastian said in a note.

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’s Alexa Fund, which offers venture capital to companies working on voice technology, invested in the Santa Monica, California-based Ring.

Currently, Ring devices can integrate with

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’s voice-controlled assistant Alexa. Users of

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’s Echo Show device can say, “Alexa, show my front door” to receive a live feed of activity around their home via Ring cameras.

The deal creates potential for much more, analysts said.

“

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more than Ring can revolutionize home security,” Wedbush Securities analyst Michael Pachter said.

US security and alarm company ADT could be the biggest ******, he added. Ring’s “camera technology is far superior to physical security … With

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having roughly 100 million Prime members, that’s a big addressable market for them to start selling this into.”

Shares of ADT fell more than 2 percent after the news to close at $11.60.

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stock closed down 0.7 percent.

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was working on a competing smart lock with camera prior to the deal, according to a separate person familiar with the matter. Its decision to buy Ring underscores the task startups have trying to win in the home security space.

“For consumer businesses, it’s going to be challenging to compete with folks like

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and

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,” said Luke Schoenfelder, chief executive of Latch, which sells smart lock systems to apartment building owners.

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acquired the maker of Blink home security cameras for about $90 million (roughly Rs. 585) late last year, Reuters reported.

© Thomson Reuters 2018

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