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Samsung acquires SmartThings for reportedly $200 million

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Samsung has been aggressive recently when it comes to Internet of Things (IoT) and today the Korean giant announced a takeover of US-based SmartThings. Samsung hasn’t disclosed the acquisition cost but TechCrunch’s source claims the home automation company sold for $200 million.

Under Samsung, SmartThings will be a part of Samsung’s Open Innovation Center (OIC) but will operate independently under the existing founder and CEO Alex Hawkinson.

With the acquisition, SmartThings expects to tap in Samsung’s vast resources while Samsung will gain a decent insight in the home automation market.

[Via SmartThings Blog]

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