Amazon Acquires Ring for Over $1 Billion

Amazon has made a significant move into the smart home market with its acquisition of Ring, a company that specializes in doorbells and security systems. The deal, reportedly worth over $1 billion, marks Amazon's biggest step yet into the space.

Ring, which was founded in 2013 after appearing on Shark Tank, has become one of the leading players in the smart home market with its range of Wi-Fi connected doorbells and security cameras. The company sold 140,000 products in just 24 hours on QVC, a testament to its popularity.

Amazon's acquisition of Ring comes as no surprise given the company's own foray into smart home technology through Amazon Key, which allows delivery people to enter homes via Wi-Fi-connected door locks and cameras. The move is likely to further blur the lines between Amazon's retail business and its growing presence in the smart home market.