ICYMI: Google is buying a 6.6% stake in home security firm ADT for $450 million in a deal that will allow it to provide service to customers of its Nest home security devices $GOOGL $ADT
) for $450 million, betting on the home security company’s strong customer base and an army of technicians to drive sales of its Nest devices.
The investment gives ADT the backing of a high-profile technology partner and broadens its services business. In return, Google gets access to about 6.5 million customers, strengthening its presence as it competes with Amazon.com’s Ring and Boston-based SimpliSafe, among others. “Later this year, we will begin integrating Google devices and make them available for installations to our customers,” ADT Chief Executive Officer Jim DeVries told Reuters.
The companies will commit an additional $150 million each for co-marketing, product development, technology and employee training, ADT said.
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