Google announces partnership with ADT, to invest Dollar450 million
Google on Monday announced a partnership with security firm ADT and said as part of this multi-year partnership, it will 'make a Dollar 450 million investment in ADT'.
"Today, we're announcing a long-term, strategic partnership between Google and ADT, a leading US security and home automation provider," Rishi Chandra, Vice President and GM, Nest, said in a blog post.
Chandra said that Google will combine its Nest devices, services, and technology with ADT's leadership position providing security solutions for "millions of homes and small businesses in the US." "Over time, Nest's devices, powered by Google's machine learning capabilities will enhance ADT's security monitoring and become the cornerstone of ADT's smart home offering.
The goal is to give customers fewer false alarms, more ways to receive alarm events, and better detection of potential incidents inside and around the home," Chandra said.
Chandra said that ADT customers will also have access to Nest Aware, a service that keeps people informed about important events at home, including intelligent alerts and event history recording for up to 30 days.
"As part of this multi-year partnership, Google will make a Dollar450 million investment in ADT in exchange for shares of a newly created Class B common stock having all the rights and preferences of ADT's common stock except for the right to vote on the election, appointment or removal of directors," the blog post read.
"Upon the closing of Google's equity investment in ADT, Google will own approximately 6.6 per cent of ADT's outstanding aggregate common equity.
Google's equity investment, which is subject to customary closing conditions, is expected to close in the third quarter of 2020," Chandra added.