The home security startups market has many new invaders. In February this year, Amazon acquired video doorbell maker, Ring for a billion dollars, Honeywell has developed its own home security system and Nest dropped its price. On Friday, PE firm Hellman & Friedman announced that it is acquiring controlling stake in Boston-based SimpliSafe. The terms were undisclosed but sources estimate the deal to value $1 billion.
SimpliSafe has struck some key partnerships this year -- the startup is integrated with Apple watch where users can disarm the system, get alerts and activity notifications. Users can also use voice assistant Alexa with SimpliSafe.
Hacking concerns notwithstanding, the home security solutions market is expected to grow to $58 billion by 2022, a 8.9% increase from $31 billion in 2015.
