Samsung has acquired SmartThings for $200 million, will run as an independent company
Following up a month after an initial rumor predicting the tie-up, SmartThings has been purchased by Samsung for a reported $200 million. SmartThings, a startup that creates small controllers that lets users create their own "smart home" one piece at a time, announced on its blog today that it will be joining Samsung but continue to run as an independent company inside Samsung's "Open Innovation Center" group.
While SmartThings itself didn't disclose terms, Recode reports that the previously-rumored price of $200 million is indeed the final value of the company. SmartThings will relocate to new offices in Palo Alto, CA, with the other Open Innovation Center companies. "SmartThings will remain SmartThings," the company blog claims — and if that remains true this seems to be a win-win for both parties.
Source: SmartThings; Recode