Google subsidiary to acquire Dropcam startup

June 23, 2014 5:26 am

Google Inc.’s Nest Labs will buy home-monitoring camera startup Dropcam for about $555m in cash, taking another step deeper into consumers’ homes, Reuters has reported. Google bought Nest, which makes smart thermostat and smoke alarms, this year for $3.2bn, the internet firm’s second-largest ever acquisition. The deal was seen by analysts as a foray into the fast-growing “smart” home automation market, at a time consumer appliances and internet services are merging. Dropcam, which lets users monitor homes and offices via its camera hardware and software, will adopt Nest’s privacy policy after the acquisition, the latter company said in a blog post.