Samsung has bought prominent connected-device startup SmartThings.
The South Korean giant announced the news today but didn’t disclose terms. Re/code, citing anonymous sources, pegged the deal at around $200 million. Today’s deal could have big implications in the growing Internet of things world, at least judging by the stated plans in the press release on the deal:
With Samsung’s resources and support, SmartThings will be able to expand its platform and become available for even more partners and devices
SmartThings sells hardware that serves as a hub for connected devices, with a smartphone app associated with the hardware. The hub works with devices that use Zigbee and Z-Wave communication protocols.
The deal isn’t a complete surprise. Reports of a possible deal surfaced last month.
SmartThings will function as an independent entity, according to a blog post today from chief executive Alex Hawkinson. The team will move from its current home in Washington, D.C., to a new office in Palo Alto, Calif., he wrote.
SmartThings announced a $12.5 million funding round in November. Investors include A-Grade, CrunchFund, First Round Capital, Greylock Partners, Highland Capital, Lerer Ventures, Max Levchin, Start Fund by Yuri Milner, SV Angel, and David Tisch.
SmartThings originated in 2012 as a tremendously successful campaign on Kickstarter, raising more than $1.2 million despite a $250,000 goal.
Samsung Group is a South Korean multinational conglomerate company headquartered in Samsung Town, Seoul. It comprises numerous subsidiaries and affiliated businesses, most of them united under the Samsung brand, and is the largest Sout... read more »
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