Back in July, it was reported that Samsung was looking at entering the Internet of Things arena with a proposed plan to buy SmartThings. The deal has finally gone through, and while neither of the companies has revealed the financial details of the deal, it is said to be worth around $200 million. Also Read - Samsung and LG confirm presence at in-person CES 2022Also Read - Samsung Galaxy M32 launch in India next week: Top specs, price around Rs 15,000, more
SmartThings specializes in home automation, which in other words means controlling your home s smart devices via a smartphone app. The company builds devices like smart locks, thermostats and can be purchased as a bundled kit or individually. The company will continue to function independently under founder and CEO Alex Hawkinson, but they will be packing up and moving into Samsung s Open Innovation Center (OIC) in Palo Alto.
Samsung s buy is not a huge surprise considering companies like Google and Apple have already bet big in this space. Google bought Nest for $3.2 billion, and Apple too unveiled HomeKit SDK for developers at WWDC this year. By acquiring SmartThings, Samsung could end up saving a lot of time and resource as it won t have to build the ecosystem from scratch.
Below is Alex Hawkinson s blog announcing the deal.
Today is a big day for SmartThings. I m excited to announce that SmartThings has been acquired by Samsung and will operate as an independent company within Samsung s Open Innovation Center group.
It has always been our goal to create a totally open smart home platform that brings together third-party developers, device makers, and consumers. We re thrilled that Samsung fully supports this vision.
We will continue to run SmartThings the way we always have: by embracing our community of customers, developers, and device makers and championing the creation of the leading open platform for the smart home. Our growing team will remain fully intact and will relocate to a new headquarters in Palo Alto, CA. In short: SmartThings will remain SmartThings.
We believe that there is an enormous opportunity to leverage Samsung s global scale to help us realize our long-term vision. While we will remain operationally independent, joining forces with Samsung will enable us to support all of the leading smartphone vendors, devices, and applications; expand our base of developers and enhance the tools and programs that they rely on; and help many more people around the world easily control and monitor their homes using SmartThings.
We re tremendously excited about the possibilities ahead, and owe a heartfelt thank you to the people who have helped us get here: our amazing customers and supporters. To all of our earliest Kickstarter backers who believed in our vision; to our incredible investors and advisors, to our partners who have helped us spread the word, to our community of developers whose contributions continue to propel the open platform, to our all of our customers whose feedback, encouragement, and stories have driven us; and to our wonderful and growing team whose tireless work has helped propel us to where we are today: We cannot thank you enough.