Nest has just acquired Dropcam, the company that produces WiFi streaming digital cameras, for $555,000,000. Since Google bought Nest earlier this year, this essentially adds Dropcam to its arsenal. This, however, will not result in advertisements in the products, Dropcam assures its customers in a blog post.
Matt Rogers, the founder and head of engineering at Nest, explains how Dropcam will integrate with them and Google:
You can also check out the complete press release from Nest 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.
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.