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(Pocket-lint) - In order to stay competitive in the everything-connected and home automation worlds, Samsung is now considering buying a company called SmartThings, it's claimed.

TechCrunch reported that Samsung wants to acquire SmartThings, a two-year-old startup that specialises in home automation, because Google acquired Nest and Apple has HomeKit. Presumably, Samsung believes it must buy a similar company to maintain relevancy and stiffen the competition.

SmartThings is known for its Home Security kit and hub. These gadgets and products let you connect home devices - like lights, stereos, and door locks - to an automated system. You can then control everything directly from your mobile phone.

Samsung is allegedly negotiating a buyout deal right now that's worth about $200 million. Nothing is set in stone just yet, though it's clear that owning the company's technology would give Samsung an obvious edge and help it to rival Google-owned Nest before it's too late.

Samsung might also be looking into other ways of generating revenue. After all, the South Korean manufacturer has suffered from dwindling smartphone sales in recent months. It is even projecting up to a 26 per cent decline in smartphone profits year-over-year.

READ: Thread is the teamwork of Nest, Samsung, ARM to make the home smarter

We've contacted Samsung for confirmation on this rumour and hope to update soon.

Writing by Elyse Betters. Originally published on 16 July 2014.