Google explains why it acquired Nest Labs
During its 2013 fourth-quarter conference call on Thursday, Internet search giant Google fielded questions from analysts about its intriguing acquisition of Silicon Valley startup Nest Labs. Google had announced its acquisition of the company - for $3.2 billion - on January 13, 2013.
Nest Labs is the manufacturer of high-tech thermostats and smoke detectors which are capable of communicating with one another and learning about the habits of homeowners. Nest Labs was founded in 2010 by two former Apple engineers - Tony Fadell and Matt Rogers.
It was Google's Chief Financial Officer Patrick Pichette who shed light on the reasons behind his company's decision to purchase Nest Labs. In response to the analysts' questions, Pichette explained why Google was interested in the Nest brand and its technology.
Pichette told the analysts that Google and Nest "share a real common vision." He elaborated that both the companies believe that "technology should be doing the hard work so people can get on with their lives and do great things."
Further adding that Google's acquisition of Nest will help the startup scale and grow internationally, Pichette said that the move will bring Google's resources to Nest and pave the way for broader investments. Pichette also added: "Being able to bring Tony and Matt to the team is wonderful."
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