Samsung Buys Smart Home Startup SmartThings

Samsung Electronics Co., Ltd. recently announced that it has acquired SmartThings, an open platform for smart home devices and the “Internet of Things.” Financial terms were not disclosed, but according to news reports, the purchase price was approximately $200 million.

SmartThings supports an open and growing ecosystem of developers, who are producing new types of connected devices and apps in the cloud that operate with household devices, such as home appliances, locks, smoke alarms, weather stations and home monitoring. Founded in 2012, SmartThings enables consumers to monitor, control, and automate their homes through a single mobile app. The open platform supports more than 1,000 devices and 8,000 apps created by a community of device makers, inventors, and developers.

With Samsung’s resources, SmartThings will be able to expand its platform and become available for even more partners and devices, according to the company. The company will continue to operate independently under founder and CEO Alex Hawkinson, and will become part of the Samsung Open Innovation Center (OIC), which is responsible for bringing software and services innovation to Samsung Electronics. SmartThings will move its headquarters from Washington, DC to Palo Alto, CA.

“SmartThings has created a remarkable universe of partners and developers and now has the most engagement of any smart home platform in the world,” said David Eun, head of the OIC. “Connected devices have long been strategically important to Samsung and, like Alex and his team, we want to improve the convenience and services in people’s lives by giving their devices and appliances a voice so they can interact more easily with them. We are committed to maintaining SmartThings’ open platform, fostering more explosive growth and becoming its newest strategic partner.”

“As an open, standards-agnostic platform for the Internet of Things, our vision has always been to innovate, build, and make the world smarter, together,” said Alex Hawkinson. “With Samsung behind us, we will be able to attract more device makers and developers to unlock the limitless possibilities of the consumer Internet of Things. We are thrilled to become part of the Samsung family and continue our goal in making every home a smart home.”