(Bloomberg)—Amazon.com Inc. has agreed to buy connected-doorbell startup Ring Inc. for about $1 billion, a person familiar with the matter said.
The move helps Amazon expand further into the consumer market, including providing security for package deliveries. JPMorgan Chase & Co. advised Ring on the sale, said the person, who asked not to be identified because the matter is private.
“Ring’s home security products and services have delighted customers since day one,” an Amazon representative said in a joint statement with Ring. “We’re excited to work with this talented team and help them in their mission to keep homes safe and secure.”
A representative for JPMorgan didn’t immediately respond to a request for comment.
Ring makes video doorbells and security cameras that connect to users’ phones or computers, letting them see and speak to anyone on their property from afar. The company, based in Santa Monica, Calif., also sells related products such as security systems and smoke detectors.
The video surveillance industry is seeing a spell of deals. Motorola Solutions Inc. agreed this month to buy commercial security camera and video analytics maker Avigilon Corp. for about $1 billion, including debt.
Amazon is No. 1 in the Internet Retailer 2017 Top 500.Favorite