Amazon pays $1 billion to acquire smart doorbell startup Ring

Amazon made a bit of a splash in October when it unveiled its Key smartlock service that could be coupled with a Cloud cam for added security. Now, the company appears to be expanding on its smart-home initiative with the acquisition of Santa Monica smart doorbell startup Ring.

The deal, as reported by Reuters, is worth an estimated $1 billion, although Amazon would not offer any specifics on the financial arrangements. It did confirm the acquisition with a statement from a spokesperson:

“Ring’s home security products and services have delighted customers since day one. We’re excited to work with this talented team and help them in their mission to keep homes safe and secure.”

The deal should offer an even broader platform for Amazon Alexa's smart home features, tied to the Echo as a central hub for control. The Ring system - dubbed as a "caller ID for your door" - was originally designed to help homeowners cut down on neighborhood crime.

“Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our neighbors that make a positive impact on our homes, our communities, and the world,” a Ring spokesperson said in a statement to GeekWire. “We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”

Ring has been on Amazon's radar for awhile. The retail giant had invested in the startup previously through its Alexa Fund, designed to help companies build out skills and products for its smart assistant.

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