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Samsung acquires home automation provider, SmartThings

posted Jul 28, 2014, 3:11 AM by Barny CK
July 16, 2014 - In an effort to enter the internet of things, Samsung has acquired Washington based SmartThings. The deal is reported to be around US$200 million, though it may be lower. As sales of smartphones taper, there is a push in the industry to integrate the phone with home appliances. At the recent Apple developer conference, WWDC 2014, the tech giant introduced HomeKit for iOS 8. Earlier this year, Google bought Nest Labs for US$3.2 billion. As Samsung is projecting a 22 - 26% drop  in smartphone profits year over year, it is looking for areas of expansion.