Home surveillance startup Dropcam has been purchased by Google’s Nest reports Re/Code. Nest, which was recently acquired by Google, will pay $555 million in cash for the company.
The Dropcam name and products will be part of the Nest brand and the acquisition took place outside of Google. In other words, Nest bought Dropcam, not Google. But of course Google owns Nest.
In a blog post about the acquisition, Nest Founder, Matt Rogers wrote the following:
Nest was purchased by Google for $3.2 billion. The deal was finalized back in February. That was Google’s big play to get into the connected home. Now with Dropcam, the company is expanding that play.
Published June 21, 2014 — 00:20 UTC