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Amazon just bought this smart doorbell company for $1 billion after Shark Tank rejected it years a
Amazon is reportedly buying the smart doorbell company Ring for more than $1 billion. The company's founder received a rejection from "Shark Tank." - photo by Herb Scribner
Amazons latest purchase was once rejected by investors on the ABC hit TV show Shark Tank."

As CNBC reported, Amazon is reportedly buying the smart doorbell company Ring for more than $1 billion. The deal will allow Amazon to expand its business into the smart home security field.

A Ring spokesperson confirmed the deal in a statement to CNBC.

"We'll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods, the statement said.

Ring founder Jamie Siminoff previously pitched the smart doorbell idea in an episode of ABCs hit show Shark Tank in 2013. He sought $700,000 with a 10 percent stake, believing his company to be worth $7 million.

The judges rejected him, as you can see in this clip.

The rejection stuck with the judges, however. In 2017, ABC ran a two-hour special on 20/20 in which hosts David Muir and Elizabeth Vargas asked Shark Tank judges about their biggest regrets from the show. The judges said that Siminoffs company, which was worth $460 million last year, was the first one that came to mind, according to Quartz

However, according to the Los Angeles Times, Siminoffs company still earned $5 million in sales after appearing on Shark Tank, which kicked new life into the company. So its hard for him to regret the experience.

Nothing ever will supersede Shark Tank. Wed have been gone, Siminoff said.

Despite the Amazon purchase, Ring will likely remain its own independent business, similar to how Amazon has treated previously purchased companies, like Zappos and Twitch, according to CNBC.
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