Google/Nest announces acquisition of Dropcam for $555 million

Google logoEarlier this year, Google announced that they would be acquiring Nest, the company behind smart home gadgets like the Nest Protect and the their smart thermostat. Now you might have heard that Google has interest in other home-related gadgets, and a rumor from last month suggested that Google could be looking to acquire Dropcam.

Well it turns out that the rumors were right because Nest (which we guess is technically owned by Google now) has announced that they will be acquiring Dropcam. How much will this deal cost Nest/Google? A whopping $555 million, according to the press release found on Nest’s website.

Nest notes that the deal will be subject to the usual regulatory approvals, but unless the regulators are planning on giving Nest/Google a hard time over their recent acquisition, we expect that it should proceed as planned. For those unfamiliar with Dropcam, it is a company whose main product is a security camera that can be placed at home.

The camera will then be able to upload its footage to the cloud and allow homeowners to check the recording anytime and anywhere. Once the deal is closed, Dropcam will be brought under Nest’s wing. In a blog post on Nest’s website, “Once the deal closes, we’ll incorporate Dropcam into how we do business at Nest. That includes how we handle everything from customer support to customer privacy.”

So, does this mean we can look forward to purchasing Dropcams from the Google Play Store in the future as well?

Source: Ubergizmo

Tags: Google

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