Samsung acquires SmartThings for $200 million

Samsung acquires SmartThings for $200 million

A widely circulated rumor from last month has come to pass with Samsung Electronics joining Apple and Google in the smart home market with its $200 million acquisition of home hub provider SmartThings.

SmartThings began its life as a break-out crowd-funded Kickstarter campaign in 2012 and had since raised a little over $15 million in financing from Greylock, Highland Capital Partners, among others.

The hub comes packed with ZigBee, Z-Wave, and Wi-Fi radios, app support for iOS and Android, and a large developer community which equal out to support of over 1,000 connected devices according to the company. SmartThings will continue to be run by founder and CEO Alex Hawkinson and operate independently out of Samsung’s Open Innovation Center in Palo Alto.

Hawkinson’s announcement of the acquisition can be found here.

Related: Connected Home System Round-Up

Additional Coverage: NYTimes

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