Amazon.com has acquired Ring, a manufacturer of video doorbells, in a deal valued at more than $1 bn.
The acquisition, believed to be Amazon’s second biggest after it purchased Whole Foods last year for $13.5bn, is the latest in a string of moves that signal the company’s ambitions to enter new markets and sectors.
The Ring acquisition also increases Amazon’s firepower to compete with Google’s Alphabet Inc. which acquired Nest Labs for $3.2bn strengthening its own home automation unit in 2014.
Nest manufactures smart-home security fields and smart thermostats, smoke detectors and security cameras that work with both Google and Amazon’s virtual assistants.
Ring was valued at around $1bn in its last round of private investment, including the amount of the funds it raised, sources revealed to top international media outlets.
UAE’s video surveillance market is set to reach a record-high of $194bn by 2023, according to a report by 6WResearch.
In November last year, Ring launched the Ring Video Doorbell 2 in the Middle East.
While, Google launched the Nest Thermostat in the UAE last month for $272 (AED999)