SmartThings
SmartThings CEO Alex Hawkinson
Multiple sources told Re/code's Kara Swisher that the deal was, in fact, for $200 million.
We reported last month that SmartThings was in talks with several companies - including Samsung - about a possible acquisition. The price of the deal has not been disclosed, although it was reported at the time it could be around $200 million.
SmartThings' platform allows you to control everyday appliances like lights and garage doors over the internet. You buy a kit that includes a router-like hub that talks to all your devices and lets you control them using an app on your phone.
In a blog post on the SmartThings site, CEO Alex Hawkinson says that SmartThings "will operate as an independent company within Samsung's Open Innovation Center group."
Prior to the acquisition, SmartThings raised more than $15 million, including a $12 million round last fall.
It makes sense for Samsung to throw its hat into the internet of things ring. In January, Google bought smart-home thermostat maker Nest. And in June, Nest bought Dropcam, a company that makes Wi-Fi cameras that can monitor your home.
And the acquisition makes sense for SmartThings, too, which can use the cushion to start expanding.
Read the statement regarding the acquisition below:
MOUNTAIN VIEW, California - August 14, 2014 - Samsung Electronics Co., Ltd. today announced that it has entered into an agreement to acquire SmartThings, the leading open platform for the smart home and the consumer Internet of Things. SmartThings supports an open and growing ecosystem of developers, who are producing new types of connected devices and unique apps in the cloud that change how everyday objects work. With Samsung's resources and support, SmartThings will be able to expand its platform and become available for even more partners and devices.
The company will continue to operate independently under founder and CEO Alex Hawkinson, and will become part of the Samsung Open Innovation Center (OIC), which is responsible for bringing software and services innovation to Samsung Electronics. SmartThings will move its headquarters from Washington, DC to Palo Alto, California.
Founded in 2012, SmartThings gives people power to monitor, control, and automate their homes from wherever they are through a single mobile app. SmartThings' open platform supports more than 1,000 devices and 8,000 apps created by its community of device makers, inventors, and developers.
"SmartThings has created a remarkable universe of partners and developers and now has the most engagement of any smart home platform in the world," said David Eun, Head of the OIC. "Connected devices have long been strategically important to Samsung and, like Alex and his team, we want to improve the convenience and services in people's lives by giving their devices and appliances a voice so they can interact more easily with them. We are committed to maintaining SmartThings' open platform, fostering more explosive growth, and becoming its newest strategic partner."
"As an open, standards-agnostic platform for the Internet of Things, our vision has always been to innovate, build, and make the world smarter, together," said Alex Hawkinson. "With Samsung behind us, we will be able to attract more device makers and developers to unlock the limitless possibilities of the consumer Internet of Things. We are thrilled to become part of the Samsung family and continue our goal in making every home a smart home."