Google-owned Nest confirmed it has acquired Dropcam, a company specializing in home security cameras.
Neither Dropcam nor Nest revealed financial details of the deal in blog posts on Friday. Re/code reports the deal was worth $555 million.
The acquisition helps Google position itself to make a deeper push into the connected home market, between Dropcam and Nest, which makes smart thermostat and the smart smoke and carbon monoxide detector Nest Protect.
'Eventually, the plan is for us to work together to reinvent products that will help shape the future of the conscious home and bring our shared vision to more and more people around the world," said Matt Rogers, Nest founder and engineering chief, in a statement.
Founded in 2009, Dropcam creates security cameras users connect to Wi-Fi. Footage is streamed over the Web or by mobile device, and users can opt to record video and store it in the cloud.
"Nest and Dropcam are kindred spirits," says Dropcam co-founder Greg Duffy in a separate statement. "Both were born out of frustration with outdated, complicated products that do the opposite of making life better."
Nest says when the deal closes, Dropcam will operate under Nest's policies for customer privacy.
The deal comes months after Nest was scooped up by Google for $3.2 billion.
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Source : http://www.usatoday.com/story/tech/2014/06/20/nest-dropcam/11199011/
