UPDATE 1-Amazon to pay over $1 bln for home security startup Ring - source

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Feb 27 (Reuters) - Amazon.com Inc is set to buy Ring, a startup that makes doorbells and video security cameras, for more than $1 billion, a source familiar with the matter told Reuters.

Santa Monica, California-based Ring is Amazon's latest move in expanding into the heated "smart-homes" market, where gadgets are powered by easy-to-use technology to control homes with a few spoken words. Amazon has positioned its Echo smart speaker, powered by its Alexa voice assistant, as a smart homes device.

Amazon confirmed it would buy Santa Monica, California-based Ring, but declined to comment on the deal terms.

"Ring's home security products and services have delighted customers since day one. We're excited to work with this talented team and help them in their mission to keep homes safe and secure," an Amazon spokesman said. (Reporting by Jeffrey Dastin in San Francisco and Gregory Roumeliotis in New York; Editing by Maju Samuel)