Amazon buys video doorbell firm Ring for over $1bn

Amazon has acquired video doorbell and home security camera maker Ring in a deal reportedly worth more than $1bn, as it pushes further into the internet of things and in-home-delivery space. The deal values Ring, which makes and sells popular video doorbells in the US, UK and Europe, at between $1.2bn (£86.4m) and $1.8bn, according to reports, making it Amazon's second largest acquisition after the $13.7bn deal last year for Whole Foods Market. Analysts see the Santa Monica, California-based Ring fitting in with Amazon's move into the home security market, driven by a bet on delivering packages inside shoppers' homes to boost sales. "As Amazon moves more aggressively into the grocery delivery space ... we believe smart security devices will be an important factor in driving user adoption," said Baird Equity Research analyst Colin Sebastian. Amazon already sells two different camera products: the Echo Look fashion-advice camera and the Amazon Cloud Cam indoor security camera, which forms part of Amazon's Key service that lets uses a smartlock to allow delivery personnel put packages inside a home to avoid theft or, in the case of fresh food, spoiling.