Google said on Monday it will invest $450 million in ADT to acquire a 6.6% stake in the Florida-headquartered firm that provides security and smart home solutions.
As part of the long-term investment, the two companies will work on next generation smart home security offerings, they said. Google will integrate its Nest hardware and services with ADT’s DIY and professionally installed smart home security solutions to better serve individual consumers and small businesses, they said.
Both companies have committed $150 million each for co-marketing, product development, and investment in technology and employee training.
“The partnership will combine Nest’s award-winning hardware and services, powered by Google’s machine learning technology, with ADT’s installation, service and professional monitoring network to create a more helpful smart home and integrated experience for customers across the United States,” ADT wrote in a blog post.
ADT’s shares soared 38% in the pre-market trading on the announcement.
“We’re excited to partner with ADT to further our mission of building helpful devices for the home,” said Rishi Chandra, GM and Vice President of Nest, in a statement. “ADT is a leader in smart home security, and I look forward to working with the team to create innovative smart home security solutions that help everyone feel safe and protected.”
More to follow…
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