Amazon has agreed to purchase video doorbell maker Ring.
Ring produces Wi-Fi powered doorbells which let homeowners see who is at the door remotely. Sources told Reuters the deal is valued at over $1 billion, although Amazon has not officially revealed details.
The technology had been pitched before by Ring’s founder and CEO, Jamie Siminoff, on a 2013 episode of Shark Tank, according to CNBC. At the time, his business was called Doorbot, and every investor but Kevin O’Leary passed. O’Leary made an offer but Siminoff did not accept.