Google and Nest buy Dropcam for $555 million

Dropcam
By Sam Sabri on 20 Jun 2014 08:22 pm
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Nest has just acquired Wi-Fi video streaming camera company Dropcam for $555 million. As you know, it was just a few months ago that Google acquired Nest for $3.2 billion. This move will bring Dropcam into the Google family.

A blog post on the Nest website alleviates any concerns over ads being integrated into products from Dropcam.

Here's Matt Rogers, Nest's founder and head of engineering, on the how Dropcam will integrate with Nest and Google by association:

"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. Like Nest customer data, Dropcam will come under Nest's privacy policy, which explains that data won't be shared with anyone (including Google) without a customer's permission. Nest has a paid-for business model and ads are not part of our strategy. In acquiring Dropcam, we'll apply that same policy to Dropcam too."

Do you have a Dropcam? What do you make of the news? Sound off below!

Full press release from Nest embedded below:

Nest and Dropcam Sign Acquisition Agreement

Nest announced today that it has entered into an agreement to buy Dropcam for $555 million in cash, subject to adjustments.

Palo Alto, California — June 20, 2014 — Nest Labs, Inc. (nest.com) announced today that it has entered into an agreement to buy Dropcam for $555 million in cash, subject to adjustments.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. For more information, visit the Nest blog.

About Nest

Nest reinvents unloved but important home products, like the thermostat and smoke and CO alarm. The company focuses on delighting customers with simple, beautiful and thoughtful hardware, software and services. The Nest Learning Thermostat™ and Nest Energy Services offerings address home energy consumption, and Nest Protect: Smoke + Carbon Monoxide™ helps keep people safe. Nest products are sold in the U.S., U.K. and Canada, and are installed in more than 120 countries. For more information, visit www.nest.com.

Source: Nest

Related: Nest Google Dropcam News

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