Samsung Electronics to buy VC-backed SmartThings

Samsung Electronics has agreed to acquire SmartThings. No financial terms were disclosed. Headquartered in Washington, D.C., SmartThings is a provider of a platform that connects the internet to everyday items. SmartThings’ backers include Greylock Partners, Highland Capital Partners, First Round Capital, SV Angel, Lerer Ventures, A-Grade and CrunchFund.

PRESS RELEASE

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Samsung Electronics Co., Ltd. today announced that it has entered into an agreement to acquire SmartThings, the leading open platform for the smart home and the consumer Internet of Things. SmartThings supports an open and growing ecosystem of developers, who are producing new types of connected devices and unique apps in the cloud that change how everyday objects work. With Samsung’s resources and support, SmartThings will be able to expand its platform and become available for even more partners and devices.

The company will continue to operate independently under founder and CEO Alex Hawkinson, and will become part of the Samsung Open Innovation Center (OIC), which is responsible for bringing software and services innovation to Samsung Electronics. SmartThings will move its headquarters from Washington, DC to Palo Alto, California.

Founded in 2012, SmartThings gives people power to monitor, control, and automate their homes from wherever they are through a single mobile app. SmartThings’ open platform supports more than 1,000 devices and 8,000 apps created by its community of device makers, inventors, and developers.

“SmartThings has created a remarkable universe of partners and developers and now has the most engagement of any smart home platform in the world,” said David Eun, Head of the OIC. “Connected devices have long been strategically important to Samsung and, like Alex and his team, we want to improve the convenience and services in people’s lives by giving their devices and appliances a voice so they can interact more easily with them. We are committed to maintaining SmartThings’ open platform, fostering more explosive growth, and becoming its newest strategic partner.”

“As an open, standards-agnostic platform for the Internet of Things, our vision has always been to innovate, build, and make the world smarter, together,” said Alex Hawkinson. “With Samsung behind us, we will be able to attract more device makers and developers to unlock the limitless possibilities of the consumer Internet of Things. We are thrilled to become part of the Samsung family and continue our goal in making every home a smart home.”

About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is a global leader in technology, opening new possibilities for people everywhere. Through relentless innovation and discovery, it is transforming the worlds of TVs, smartphones, tablets, PCs, cameras, home appliances, printers, LTE systems, medical devices, semiconductors, and LED solutions. The company employs 286,000 people across 80 countries with annual sales of US$216.7 billion. To discover more, please visit www.samsung.com.

About The Samsung Open Innovation Center
The Samsung Open Innovation Center brings software and services innovation to Samsung Electronics by working with technology startups and entrepreneurs through investments, acquisitions, partnerships and the Samsung Accelerator. The OIC’s deep integration with Samsung consumer electronics and mobile business units provide entrepreneurs and startups with unparalleled access to Samsung resources, decision-makers, product roadmap, and the world’s largest platform for distribution. Opened in 2013, the OIC operates across offices in Mountain View, Palo Alto, New York City, and Suwon, South Korea.

About Physical Graph Corporation/SmartThings
Physical Graph Corporation is the company behind SmartThings, the open platform for the Internet of Things (IoT). SmartThings enables consumers to easily install connected devices and control them through a single mobile app that makes their homes smarter, more reactive and more enjoyable. SmartThings supports an open and growing ecosystem of over 5,000 inventors and developers producing new types of connected devices and unique apps in the cloud that change how everyday objects work. SmartThings has raised $15.5M in venture capital to date from Greylock Partners, Highland Capital Partners, First Round Capital, SV Angel, Lerer Ventures, Max Levchin, Start Fund by Yuri Milner, A-Grade, David Tisch, CrunchFund, and others. SmartThings is headquartered in Washington, D.C. with offices in San Francisco and Minneapolis. SmartThings products are sold at shop.smartthings.com or Amazon.com. For more information, visit www.smartthings.com.

 

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