Amazon pays $1 billion to acquire smart doorbell startup Ring

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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. "We're excited to work with this talented team and help them in their mission to keep homes safe and secure", an Amazon spokesperson said in a statement to ZDNet.

Data provided by a software as a service (SaaS) company showed that Ring has raised $443.9 million so far and was last valued at $760 million. Amazon invested in Ring a year ago through its venture capital arm, the Alexa Fund. Amazon uses its Alexa fund to support businesses that develop apps for the Echo and Alexa.

While details of the deal are now a little thin on the ground, it is expected that the Ring name will live on, and it is likely that future products released under the brand will feature Alexa smart assistant integration.

In a statement to GeekWire Amazon said it looks forward to “working toward a vision for safer neighborhoods.” The partnership will definitely put Ring in a position to bring the smart doorbell to many more homes where Amazon delivers to. Further, the analyst says the Amazon-Ring deal could be a major setback for the U.S. security and alarm company ADT. The doorbells sold by Ring are hooked into a home's video cameras so users can see who's lingering on their front stoop.

Over the last few years, Amazon has made large-scale strides to tap into the home security market. The full terms of the deal have not been disclosed yet.

Amazon's push into our homes isn't limited to its own products and services, of course.

"I am an investor in Ring, and while the product is exciting and its mission to reduce crime in communities is important; what I found so interesting was the story of the young entrepreneur - James Siminoff - behind it".

It's very likely that Amazon will use one of its largest acquisitions yet to make up for Key's shortcomings. It has also recently acquired Blink, another company that makes smart doorbells and wireless security cameras.

Amazon's Alexa voice assistant is already compatible with Ring devices.