Amazon buys smart doorbell maker Ring to fuel its smart home ambitions

Amazon wants to own your smart home -- the part closest to the front door, anyway.

The retail giant has acquired smart doorbell maker Ring, in a deal that's reportedly valued at more than $1 billion.

"We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods," a Ring spokesperson said in a statement.

Terms of the acquisition, which was first reported by Geek Wire, weren't immediately clear, but Reuters reports the deal is worth more than a billion dollars. The move represents a major step forward in Amazon's smart home ambitions.

The company previously acquired another security-focused smart home company, Blink. But Ring, the one-time failed Shark Tank contestant that's now worth more than a billion dollars, is undoubtedly Amazon's biggest move into the space yet. The company, which was started in 2013, makes Wi-Fi connected doorbells, security cameras, and home security systems.

"Ring’s home security products and services have delighted customers since day one. We’re excited to work with this talented team and help them in their mission to keep homes safe and secure," an Amazon spokesperson said in a statement.

The move is particularly interesting in the context of Amazon Key, the retailer's new service that allows delivery people to enter homes via Wi-Fi-connected door locks and cameras. Considering that Ring is one of the most dominant smart home companies today -- the company says it sold 140,000 products just in one 24-hour period on QVC -- it's not difficult to imagine why Amazon would be attracted to the company.