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Google invests $3.2 billion in Nest Labs smart home technology purchase

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Google announced Monday (Jan.13) its plans to buy smart home thermostat designer and manufacturer, Nest Labs. The acquisition of the fast growing company founded in 2010 will cost Google a cool $3.2 billion dollars.

As the Associate Press reports, Google is positioning itself to learn more about the future of home technology. "Google bought Nest in order to learn about this world where even more information is going to be accessible by computers," Forrester Research analyst Frank Gillett said.

Nest Labs introduced the Nest Learning Thermostat in 2011, followed by the Nest Protect smoke and carbon monoxide alarm in 2013. Both intelligent products interact with each other, can be controlled with smartphone devices and have earned rave reviews.

Google’s decision to purchase Nest Labs didn't just happen overnight. According to co-founder and CEO Tony Fadell, Google has been supportive of the company’s vision for the past three years. “I know that joining Google will be an easy transition because we’re partnering with a company that gets what we do and who we are at Nest –and wants us to stay that way,” Fadell said in a company blog post.

Regulatory approvals in the U.S. to finalize the acquisition deal of Nest is expected to take place over the course of a few months. “Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity,” Google said Monday.

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