Samsung Buys Startup SmartThings to Move Into Smart Homes
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Samsung Electronics Co., which is competing with Google Inc. and Apple Inc. to gain a foothold in home automation, is acquiring SmartThings, a startup that makes makes mobile applications to remotely control devices in houses.
Terms of the deal weren’t disclosed, with technology blog Recode reporting the price as $200 million. David Eun, head of Samsung’s Open Innovation Center, said that while the South Korean company has a tradition of developing technology internally, his group in Silicon Valley would be stepping up its acquisitions.