Google's $450 million investment in ADT is expected to close in Q3 2020.
What you need to know
- Google has entered into a long-term partnership with ADT to develop next-gen smart home security products.
- As part of the partnership, Google will invest $450 million to acquire 6.6% ownership in ADT.
- Both Google and ADT have also committed $150 million each for product development, co-marketing, technology, and employee training.
Google today announced that will be investing $450 million for a 6.6% stake in ADT, a Florida-based home security firm According to a press release issued by ADT, the two companies have entered into a long-term partnership to develop next-gen smart home security solutions.
Rishi Chandra, Vice President and GM, Nest, wrote in a blog post:
Over time, Nest's devices, powered by Google's machine learning capabilities will enhance ADT's security monitoring and become the cornerstone of ADT's smart home offering. The goal is to give customers fewer false alarms, more ways to receive alarm events, and better detection of potential incidents inside and around the home. It will also provide people with more helpful notifications that make everyday life more convenient, like package detection. ADT customers will also have access to Nest Aware, a service that keeps people informed about important events at home, including intelligent alerts and event history recording for up to 30 days.
As part of the deal, ADT's network of over 20,000 professionals will soon be sell and install Google's smart home devices such as Nest cameras and Nest Hub Max. ADT customers, on the other hand, will get access to Google's Nest Aware service, which is priced at $6 a month. To advance the partnership, Google and ADT have also committed $150 million each for co-marketing, product development, technology, and employment training.
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