Google Acquires Thermostat Maker Nest for $3.2 Billion Cash

Google Acquires Thermostat Maker Nest for $3.2 Billion Cash

Bloomberg is reporting that Google is acquiring Nest Labs, the smartphone controlled thermostats and fire alarm maker that was founder by the “Father of the iPod.”

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9to5Mac:

Google has confirmed the transaction and purchase price of $3.2 billion in cash Google an official announcement on its Investor website.

Google’s statement confirms that Tony Fadell, founder of Nest and also known as “Father of the iPaod,” will be staying on as a Google employee:

Tony Fadell, CEO of Nest, said: “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.”

Fadell began working for Apple in February 2001, coming on as a contractor designing the iPod, and planning Apple’s audio product strategy. After creating the initial design of the iPod, Apple then hired him to assemble and oversee its iPod & Special Projects group in April 2001. He was promoted to VP of iPod engineering in 2004, and later became SVP of the iPod division in March 2006. Fadell departed Apple in November 2008.

In May 2010, after being frustrated by the limited features available in current thermostat technology, Fadell set out to redesign the traditional thermostat. Together with former Apple employee Matt Rogers, Fadell co-founded Nest Labs in a garage in Palo Alto, CA.

The Nest Thermostat is currently in its second generation.

 

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