Amazon to acquire smart doorbell company Ring

Gwen Vasquez
March 2, 2018

Founded five years ago by Jamie Siminoff, Ring, the maker of video-camera enabled doorbells, has been acquired by USA -based e-commerce giant Amazon for $1 billion Dollars.

"Ring's home security products and services have delighted customers since day one", an Amazon spokesperson said in a statement. Amazon invested in Ring previous year through its venture capital arm, the Alexa Fund. Amazon uses its Alexa fund to support businesses that develop apps for the Echo and Alexa.

According to GeekWire, Amazon is looking to keep Ring as its own independent business, but be under Amazon's umbrella like other subsidiaries such as Twitch.

Amazon has acquired Ring, adding the video doorbell company to its growing portfolio of IoT, connected home, and smart security businesses. In what is understood to be worth around US$1 Billion, giant Amazon are getting very serious about IoT hardware by acquiring Ring.

Based in Santa Monica, California, Ring popularised the concept of the video doorbell, which allows people see who is at the door from both inside the home and outside of it, via their smartphones. Amazon also has a security camera, the Cloud Cam, which retails for $119.99 (about £85 / AU$150), and a service called Amazon Key.

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In a 2017 ABC special, the Shark Tank judges reflected on the deals they most regretted missing out on, and "Doorbot"-now Ring-was one of the first ideas mentioned".

Ring's tools would also integrate well with smart lock and camera system Amazon Key, which allows delivery personnel place package inside the house. Amazon, which has previously invested in Ring through its Alexa fund, is expected to further combine Ring home security technology with its Cloud Cam products. As well as the video doorbell that Ring is most well-known for, the company has a suite of security products including cameras and an alarm system - although the latter is now on hold due to legal issues.

JPMorgan advised Ring on its sale to Amazon.

"I am an investor in Ring, and while the product is exciting and its mission to reduce crime in communities is important; what I found so interesting was the story of the young entrepreneur - James Siminoff - behind it".

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