Google to pick up Nest for $3.2 billion

Picks up IoT device company best known for its networked thermostat

Google has announced that it will purchase Nest Labs, the California-headquartered company best known for its networked home thermostat. The search giant will pay US$3.2 billion in cash for Nest.

The Wi-Fi enabled Nest thermostat learns the routine of home owners and their preferred temperature depending on the time of day and automatically adjusts a house's heating system.

The company also makes a smoke detector/carbon monoxide alarm.

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Nest is "already delivering amazing products you can buy right now — thermostats that save energy and smoke/CO alarms that can help keep your family safe," Google's CEO, Larry Page, said in a statement.

"We are excited to bring great experiences to more homes in more countries and fulfil their dreams," the CEO said.

A statement from Google said that Nest would retain "its own distinct brand identity"

An FAQ posted by Nest said it would continue to support iOS devices. The company said it would keep selling its products through the same retail partners in the Canada, the UK and the US. The FAQ also tried to allay potential privacy concerns relating to the data currently gathered by Nest.

"Our privacy policy clearly limits the use of customer information to providing and improving Nest’s products and services," it stated. "We’ve always taken privacy seriously and this will not change."

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