Google and Nest Labs have wrapped up their buyout plan so now the smart thermostat and smoke detector company belongs to the Internet search giant. The deal was announced in January and cost Google US$3.2 billion.
Google completes $3.2 billion Nest Labs purchase
News of the finished deal comes via a Securities and Exchange Commission filing showing everything was finalized on February 7. Google said in its filing,
We expect that the acquisition will enhance Google's suite of products and services and allow Nest to continue to innovate upon devices in the home, making them more useful, intuitive, and thoughtful, and to reach more users in more countries.
When the acquisition was first announced, current and potential Nest customers raised concerns about personal privacy since the company's products are Internet connected and collect information about user's daily routines. While they trusted Nest Labs to keep their personal information private, there isn't that same feeling of trust with Google.
Nest tried to reassure users by saying it doesn't share information and that policy won't change. With the company under Google's control, that could change regardless of Nest's promise, although it doesn't seem likely that statement would've been made had there been a planned privacy policy change.
The Nest Thermostat was an immediate hit with consumers because of it's ability to learn its user's habits to help save on heating and cooling bills, plus it can be remotely controlled from an iPhone app. The Nest Protect smoke and carbon monoxide detector can talk with the Nest Thermostat and other Protect units in your home, and alert you not only to potential emergencies, but also tell you which room to check.
It doesn't look like Google wants to kill off either device, and is interested in seeing the product line grow, too. Next up: Google needs to convince consumers their Nest data will stay private.
[Thanks to CNET for the heads up]