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Samsung to purchase IoT company

Media | 08/18/2014 5:08 pm EDT

Samsung Electronics Co. Ltd. announced on Thursday that it has reached an agreement to purchase SmartThings, a maker of a mobile platform that supports Internet-of-Things (IoT) applications and devices. Samsung said in a press release that SmartThings will continue to operate independently, though it will be moving its headquarters from Washington, D.C., to Palo Alto, Calif. The release said SmartThings' open platform supports more than 1,000 different devices and 8,000 applications that allow people to monitor, control and automate their homes remotely. The price of the transaction was not disclosed, though website TechCrunch reported that it was worth about $200 million US....