INTERNATIONAL – Amazon.com has agreed to acquire Eero, a builder of WiFi-networking tools, in another deal aimed at bolstering the retail and technology giant’s home devices business.
Eero, based in San Francisco, makes gadgets that extend WiFi coverage throughout a home using local networking, known as mesh technology, that removes hiccups in broadcasting internet signals.
The companies didn’t disclose the purchase price Monday when they announced the acquisition. Eero has raised $148 million in equity and debt, according to PitchBook Data Inc.
Amazon, a builder of the hit Echo smart speaker line, is behind a growing range of home electronics, from Fire TV streaming sticks to a voice-controlled microwave. Last year, the company bought Ring, a builder of video doorbells and home security gear.
Dave Limp, SVP of Amazon Devices and Services said in a statement: “We are incredibly impressed with the Eero team and how quickly they invented a WiFi solution that makes connected devices just work."
“We have a shared vision that the smart home experience can get even easier, and we’re committed to continually innovating on behalf of customers.”
Nick Weaver, Co-Founder, and chief executive of Eero said in a statement: “From the beginning, Eero’s mission has been to make the technology in homes just work.”
“We started with WiFi because it’s the foundation of the modern home. Every customer deserves reliable and secures WiFi in every room. By joining the Amazon family, we’re excited to learn from and work closely with a team that is defining the future of the home, accelerate our mission, and bring Eero's systems to more customers around the globe.”
BLOOMBERG, BUSINESS REPORT