Palo Alto-based thermostat maker Nest announced Monday afternoon that Google is acquiring it for $3.2 billion.
In a blog post, founder and CEO Tony Fadell explained the company’s decision, “Google will help us fully realize our vision of the conscious home and allow us to change the world faster than we ever could if we continued to go it alone. We’ve had great momentum, but this is a rocket ship.
“Google has the business resources, global scale and platform reach to accelerate Nest growth across hardware, software and services for the home globally. And our company visions are well aligned – we both believe in letting technology do the hard work behind the scenes so people can get on with the things that matter in life. Google is committed to helping Nest make a difference and together, we can help save more energy and keep people safe in their homes.”
Google has been instrumental in funding Nest, as the company has grown exponentially.
Fadell and other key players will continue working for Nest.
Nest is located at 900 Hansen Way in Palo Alto.