Samsung acquires smart home developer SmartThings

News Broadband Global 15 AUG 2014
Samsung acquires smart home developer SmartThings

Samsung has acquired the maker of smart home gadgets SmartThings. The California-based company will continue to operate independently under founder and CEO Alex Hawkinson, from within Samsung's Open Innovation Center group, while moving its headquarters from Washington, DC to Samsung's base in Palo Alto, California. 

SmartThings, which started out with funding from Kickstarter, said joining Samsung will give it the scale to expand its base of developers and enhance its products for wider distribution. SmartThings' main product is a home hub that connects to sensors placed around the house to control locks, light switches, outlets, thermostats, and other compatible devices. The devices can be monitored and controlled over an app on a smartphone. Started in 2012, SmartThings has an open platform that now supports over 1,000 devices and 8,000 apps from a community of device makers, developers and partners.

While no financial details of the takeover were disclosed, TechCrunch reports that SmartThings sold for around USD 200 million. 

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Internet,  Mobile

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Samsung

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Global

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Consumer devices, M&A buyouts & divestments

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