Google today revealed in a 10-K filing with the United States Securities and Exchange Commission (SEC) that it has completed its acquisition of Nest, the smart thermostat maker that it announced its intentions to acquire in January for $3.2 billion. Google had previously held a 12-percent investment in the company. In the 10-K filing, the company hints that its Nest acquisition is just the beginning of bigger plans to dominate the smart home space.
“We expect that the acquisition will enhance Google’s suite of products and services and allow Nest to continue to innovate upon devices in the home, making them more useful, intuitive, and thoughtful, and to reach more users in more countries,” Google said in the filing, noting that the deal was officially completed on Feb. 7.
Google may use the underlying technology, in addition to the Nest team, to help create new smart products. The company used to speak a lot about its Android @Home initiatives for smarter in-home technology, but it has been quiet on that front for a few years. We imagine the technology and know-how picked up through the Nest acquisition will help kickstart those projects again.
Also of note is the mention of making Nest more widely available. The smart thermostat is currently available in 10 international markets outside of the United States, including Canada, the U.K., Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands and Spain. Hopefully it starts to spread to more areas, soon.
We expect development of new products to kick off pretty quickly, too, especially since Google now has a head start in the space. Hopefully we see this sort of tech applied to other areas in the home, such as the ability to add smart controls to existing appliances, more efficient home automation and more. With plenty of cash and some of the brightest minds on the planet, we’re excited to see what comes next.