SMART HOME SECURITY SOLUTIONS PROVIDER ADT TO RECEIVE $450M INVESTMENT FROM GOOGLE.

It was revealed on Monday, August 3, 2020, by Google (GOOG) that it is investing $145 million in ADT, to acquire a 6.6% stake in the Florida-headquartered firm which is a leading provider of security and smart home solutions.

Because of this partnership, they both stated that “The partnership will combine Nest’s award-winning hardware and services, powered by Google’s machine learning technology, with ADT’s installation, service and professional monitoring network to create a more helpful smart home and integrated experience for customers across the United States,” as written by ADT in a blog post.

In light of this partnership, both companies have committed $150 million each which would be for co-marketing, product development, investment in technology, and employee training.

The recent partnership announcement by ADT has seen its shares double in the pre-market trading.

With this partnership between ADT and Google, they will both make available to customers an advanced, integrated home security solution which is helpful. The partnership between the two companies is strengthened by a long-term commitment from the two companies to produce safe, secure, private, and differentiated products and make them accessible to new customers, as well as those who already exist.

The partnership will also see a pairing of over 20,000 technicians with Google’s suite of helpful home hardware, vertical technology stack, and manufacturing technology.

Also, the home solutions provided by each company will make use of a secure platform for an ideal experience that places a priority on privacy and interoperability which will bring about greater customer peace of mind and choice.

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Rishi Chandra, the Vice President, and GM at Nest said in a statement “We’re excited to partner with ADT to further our mission of building helpful devices for the home... ADT is a leader in smart home security, and I look forward to working with the team to create innovative smart home security solutions that help everyone feel safe and protected.”