Googles Nest to Acquire Dropcam for $555m
- Sunday, June 22nd, 2014
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Nest Labs, the smart thermostat and smoke alarm company owned by Google, has made its own acquisition, purchasing home-monitoring camera startup Dropcam for around $555m (£326m).
Dropcam, which enables users to monitor homes and offices via its camera hardware and software, merges well with Nests existing line of smart home automation devices, and represents another step by Google into the smart home market. Nest was acquired by Google earlier this year for $3.2bn, the second largest acquisition the online giant has ever made.
“Nest and Dropcam are kindred spirits. Both were born out of frustration with outdated, complicated products that do the opposite of making life better,” said Dropcam CEO and co-founder Greg Duffy in his own blogpost. “After numerous conversations with Nest founders Tony and Matt, it was clear that we shared a similar vision.
“Nest cares as much about customers, privacy and product experiences as we do. Our products and technology are a natural fit and by joining up with Nest we can fully realise our vision.”