On Monday, Alphabet and ADT Inc companies announced a long-term partnership agreement.
According to the press release, as a result, will be “a combination of award-winning Nest equipment and services based on Google machine learning technology, with a network of ADT installation, service and professional monitoring for creating a “smarter home” and integrated experience for customers across the United States. ”
Shares of ADT doubled on Monday, reaching a 52-week high with increase of 56.56% regarding the closure of trading. Alphabet Shares declined slightly.
The agreement provides for an investment of $ 450 million by Alphabet in exchange for receiving 6.6% of newly created ordinary shares of ADT class B without voting rights on the Board of Directors. The expected completion date of the agreement with the end of quarter.
According to the report: “Each company will provide an additional $ 150 million, if the achievement of certain stages will be used for joint marketing, product development, technology and staff training to develop the partnership. ”
The partnership is beneficial to both companies. ADT partner gives Google a reputable expert in the security and “smart home” market that will offer customers a comprehensive integrated solution.
ADT is one of the oldest companies in the industry providing electronic security services for residential, small and large businesses, fire protection and other alarm monitoring services throughout the United States, with more than 20,000 professionals.
In the future, it is the promise for growth of Google’s hardware division and greater competition with similar products from Amazon, SimpliSafe and other companies.
Through a partnership with the technology giant, ADT is gaining investment and expansion opportunities.
ADT reported that in company plan: to offer certain Google devices to own customers, starting this year and expand integration in 2021.”
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