Did you miss a session from GamesBeat Summit Next 2022? All sessions are now available for viewing in our on-demand library. Click here to start watching.

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.


Intelligent Security Summit

Learn the critical role of AI & ML in cybersecurity and industry specific case studies on December 8. Register for your free pass today.

Register Now

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.

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.