Amazon (NASDAQ: AMZN) shares held their own midday Wednesday, on news the technological giant is buying smart doorbell maker Ring, a deal that will allow the company to expand its home security and in-house delivery services.
Amazon is expected to keep Ring as an independent business, much like it has with its other acquisitions, like Zappos and Twitch, according to GeekWire, which earlier reported details of the deal. Financial details of the move were not disclosed, but Reuters reported it could be worth more than $1 billion, making it one of the largest acquisitions in Amazon's history.
Amazon has been making moves to get into the home security space lately. It partnered with lock manufacturers Kwikset and Yale for its new in-home delivery service, Amazon Key, and recently acquired smart camera maker Blink.
Ring has raised $443.9 million so far, and was last valued at $760 million, according to Pitchbook.
This won’t have been the first time Amazon has partnered with Ring. The e-commerce company previously invested in Ring through its Alexa Fund, which exclusively invests in companies that help scale its Alexa voice technology.
Amazon's spokesperson also confirmed the deal, saying: "Ring's home security products and services have delighted customers since day one. We're excited to work with this talented team."
Amazon shares progressed $8.52 in late morning trade Wednesday to $1,520.50, within a 52-week trading range of $833.50 to $1,526.78.