Amazon has reached an agreement to acquire Ring, the Santa Monica, Calif.-based maker of video cameras, doorbells and other smart home technologies, GeekWire has learned. The companies are expected to announce the acquisition this afternoon.
The surprise acquisition marks the latest move by the Seattle-based tech giant into the smart home technology market. Financial terms were not disclosed, but Reuters puts the deal at more than $1 billion. Amazon is expected to treat the Ring deal similar to past acquisitions such as Zappos, Twitch and Audible, pursuing product and feature integrations where appropriate but maintaining the Ring brand and largely allowing the company to continue operating as it has in the past.