Ring's First Takeover Is Major Milestone For Emerging Force In Smart Home Security
Paul Lamkin for Forbes: Earlier this month Ring, the smart video doorbell company, announced its first major acquisition – that of Cleveland based Mr Beams: an innovative LED lighting technology company. The acquisition, of which no financial details have yet to be revealed, marks a major milestone for Ring, who have gone from niche product specialist to major home security brand inside five years.
The company, which was born out of founder Jamie Siminoff’s garage, has raised over $200 million in series funding, and is now estimated to be worth over $1 billion. It counts Richard Branson, Amazon, Qualcomm Ventures and Goldman Sachs amongst its investors.
Siminoff explained to smart home website The Ambientthat the takeover was the result of an alignment of ideas and cultures and that any future acquisitions would have to fit the same mould.
“It’s not a revenue thing and it’s not a technology thing – it has to be an area that we see as fitting the mission and it has to be a culture that we think we can work with,” he said. “The stars have to align.” Full Article:
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