Ring manufactures home security technologies that incorporate outdoor motion based cameras and doorbells, like Ring Video Doorbell and now on Tuesday, Amazon agreed to acquire Ring. This is a huge deal considering that Ring was last valued at $760 million.
Ring was initially conceived to keep neighborhoods safe by letting people have access to affordable home security tools for those who can not afford the more extensive and expensive surveillance systems.
"We'll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon", Ring said in a statement.
News surfaced today that Amazon is buying Ring for more than $1 billion.
Neither Ring nor Amazon would discuss the terms of the deal. Previous year it began selling an indoor security camera of its own design, Amazon Cloud Cam, and in December it acquired Blink, a maker of low-priced internet security cameras and doorbells.
Ring founder Jamie Siminoff founded Ring in 2011, and in 2013 started shipping the first version of its product.
A spokesperson for Amazon unveiled that Ring's products have been very popular with its clients.
Amazon has acquired security company Ring.
Amazon's interest in home security makes sense as it looks to expand the reach and potential of its smart speaker and home automation lineup.
"Nothing ever will supersede 'Shark Tank.' We'd have been gone", Siminoff said. Amazon stock closed down 0.7 per cent. On the one hand, more security cameras - including models meant to mount directly at the point of entry, as per Ring's video doorbells - could give Amazon Key subscribers greater peace of mind when it comes to trusting delivery people.