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Google's Nest acquires Dropcam for a reported $555 million

Google's Nest division is expanding with the acquisition of connected home security camera maker, Dropcam. Both Nest and Dropcam acknowledged the acquisition and ReCode claims the deal was worth $555

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Google’s Nest division is expanding with the acquisition of connected home security camera maker, Dropcam. Both Nest and Dropcam acknowledged the acquisition and ReCode claims the deal was worth $555 million in cash. Google acquired Nest in January for $3.2 billion. Nest makes thermostats that can be controlled by a smartphone app.

Nest has been kept as a separate division inside Google, which would seemingly work towards home automation solutions for consumers. “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,” Nest founder, Matt Rogers, wrote in a blog post announcing the deal.

Google’s plans to acquire Dropcam were first reported by The Information last month. At the moment, Dropcam customers can access their cameras as usual and these cameras can be bought online like before. However, once the deal closes, Dropcam’s users will come under Nest’s privacy policy, which the company claims doesn’t share user data with third-parties, not even Google.

  • Published Date: June 21, 2014 12:50 PM IST
  • Updated Date: June 21, 2014 8:45 PM IST