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Samsung purchases smart home firm SmartThings for $200 million

Samsung reportedly spends $200 million to buy home automation firm SmartThings (KRX:005935)
| Business, Financial & Legal News | Posted: Aug 15, 2014 3:07 pm

Samsung has made a purchase of a smaller company that makes part home products called SmartThings. The official sales price wasn't disclosed by Samsung or SmartThings, but sources claiming to be familiar with the deal say the purchase cost Samsung $200 million.

 

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Under Samsung, SmartThings will continue to be operated by CEO and founder Alex Hawkinson and the company will operate independently. The company will be relocated to Palo Alto, California and will be part of the Samsung Open Innovation Center, which is located in the city.

 

Hawkinson said, "I think at a high level, it has always been our vision to go really big. It's just scale and reach all around the world - imagine reaching hundreds of millions of consumers and many more developers."

NEWS SOURCES:Recode.net

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