Amazon is acquiring doorbell videocamera startup Ring

Amazon is acquiring doorbell videocamera startup Ring

Amazon is gobbling up video doorbell maker, Ring, reports GeekWire, in what is said to be a deal worth over $1 billion dollars, according to Reuters.

As part of its leap into the home security market, Amazon has reportedly agreed to buy smart doorbell and security camera company Ring.

Prior to this deal, Amazon's Alexa Fund, which offers venture capital to companies working on voice technology, invested in the Santa Monica, Calif. -based Ring. Like many of Amazon's acquisitions, Ring will likely continue to operate under its own branding.

The move, on the surface, is just another drop in the bucket for Amazon-a company that is quickly creeping into the smart home products space with its Echo-related products and more. Although, Amazon hasn't disclosed the official number, Siminoff is now expected to get over $1 billion for Ring.

Two months ago, Amazon also purchased a similar start-up, Blink, which also makes video doorbells and home-security cameras. At the time of that announcement, Amazon unveiled a Cloud Cam product that essentially is an indoor security camera.

More news: Political battle lines drawn in Nagaland, Meghalaya as crucial election nears
More news: Taylor, Latham guide New Zealand to win over England
More news: Delhi Chief Secretary assault: CCTV footage tempered with?

Though unrelated but companies like Twitch and Audible that were acquired by Amazon do maintain an independent presence. It's online, at the grocery story, in your house, and now - with its new acquisition of Ring - on your doorstep too. Its improbable success comes five years after its founder, serial entrepreneur Jamie Siminoff, was rejected on the TV show "Shark Tank". Similarly, tighter integration might allow control over the connected lock that Amazon Key subscribers have fitted to be controlled from the Ring app.

Amazon is not content with letting Google dominate the smart home market with products like the Google Home and Nest Learning Thermostat.

However whether or not Amazon wanted to make Ring exclusive to its services was unclear, but for now it looks like HomeKit support is still on the cards, so Ring customers who are also Apple users won't have to worry.

"Nothing ever will supersede 'Shark Tank.' We'd have been gone", Siminoff told The Times past year.