(The Hosting News) – On Monday, Google announced that it had bought Nest Labs for $3.2 billion in cash, making this the second largest acquisition ever for Google, reports The Washington Post.
Nest Labs, a “consistent best seller,” digitally monitors your home to find out how you like your air heated and cooled, then uses that information to automatically adjust temperatures.
“Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. 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,” stated Google CEO, Larry Page, via press release.
Tony Fadell, Nest founder and CEO, is a former Apple veteran who helped design the original iPod and iPhone.
“We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”
Before Google’s announcement, its shares fell $7.20 to $1,122.98, after the announcement, its shares rose again to $6.02 to $1,129.