Dropcam

Smart thermostat-maker Nest announced on Friday that it has reached an agreement to acquire Dropcam. The company, which itself was purchased by Google earlier this year, says that the all-cash deal is worth a hefty $555 million.

For those unfamiliar with Dropcam, it’s behind the popular line of Internet-connected home monitoring cameras. Major selling points for the cameras include easy setup, 2-way audio and remote streaming via any PC or mobile device…

Recode has more on the acquisition:

Dropcam will be folded into Nest’s brand and company culture, and will also be subject to its privacy policy, Matt Rogers, Nest co-founder and VP of engineering, told Re/code in an interview Friday. 

“The teams are very well-aligned and we love the product,” Rogers said. “We both think about the entire user experience from the unboxing on. We both care deeply about helping people stay connected with their homes when they’re not there.”

Rogers said the deal was signed Friday and has yet to close. The Dropcam team plans to move from San Francisco to Nest’s offices in Palo Alto, Calif.

Dropcam doesn’t disclose sales, but it’s frequently the top-selling product in its category on Amazon and in retail stores like Best Buy. Before the acquisition, the company had raised a total of $48 million in funding from a handful of investors.

https://www.youtube.com/watch?v=TAQONJBYGGk

Also notable is that Dropcam recently hired former Apple engineer Andy Hodge as its VP of hardware and strategy. Hodge was head of iPod product and development and core technologies for 10 years, working closely with Nest’s Tony Fadell.

Speaking of Apple, it announced its first major entry into the smart home space earlier this month with a new software platform for third-party applications and services called HomeKit. It continues to stay quiet, however, on the hardware front.

  • ✪ aidan harris ✪

    Google buying internet connected cameras. I wonder what that could be for…

    • onesimpleclik

      Well, we all know Google is in bed with the NSA. so…

  • RarestName

    A company that is currently owned by a company now owns another company. So this company is now owned by a company which is also being owned by another company. So technically, is it right to say that the company which owns the company which bought this company owns this company?

    • felixtaf

      You are certainly not a good company 😉 lol….

  • Dan

    Oh Google….

    • RarestName

      Sponsored by MemeCenter

  • unkown man

    what is this?
    they both are owned by google and now one owns another for 555 milion

  • felixtaf

    Google -owned Nest acquires Dropcam for $555 million

    • Kurt

      Lol

  • Sachin

    Soon we are gonna see Monopoly in the IT Sector. Big players gonna be Google, Apple, Microsoft, etc.

  • Ishaan Malhotra

    Wow!! Something that doesnt exceed the billion mark!!

  • More reasons to never use internet connected home cameras…

    • Wolfer

      Finally, we agree in something!!! God bless u.

  • Donovan

    All cash, wow.

  • Wolfer

    Not good for consumer this. I put a really question mark in this buying. I know(because I really know from my lines of works I do) Google is not into people side.

  • mav3rick

    The trend: google aquires, apple aquires, facebook aquires… The difference, some looks smarter: Dropcam for 555 mil , Beats 3 billion!!!, WhatsApp 19 billion!!!!!