The move helps Amazon expand further into the consumer market, including providing security for package deliveries. JPMorgan Chase & Co. advised Ring on the sale, said the person, who asked not to be identified because the matter is private.
“Ring’s home security products and services have delighted customers since day one,” an Amazon representative said in a joint statement with Ring. “We’re excited to work with this talented team and help them in their mission to keep homes safe and secure.”
A representative for JPMorgan declined to comment.
Amazon has been pushing further into consumers’ homes through connected devices such as its Echo smart speaker with the voice-activated assistant named Alexa. Last year, the e-commerce giant introduced a new service called Amazon Key, which incorporates a smart lock that can open doors for verified delivery drivers to deposit packages directly into a shopper’s home. Package thefts from doorsteps have increased in recent years with the spread of online shopping and deliveries.
Ring makes video doorbells and security cameras that connect to users’ phones or computers, letting them see and speak to anyone on their property from afar. The company, based in Santa Monica, California also sells related products such as security systems and smoke detectors.
“We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon,” a representative for Ring said in the joint statement.
The video surveillance industry is seeing a spell of deals. Motorola Solutions Inc. agreed this month to buy commercial security camera and video analytics maker Avigilon Corp. for about $1 billion, including debt.