Nest Expands With Dropcam Acquisition Announcement

Late last month, rumor began circling that Google's Nest was eyeing a possible Dropcam acquisition, something that turned out to be true. On its website today, Nest announced that after "a lot of time looking" at different possibilities, the company has decided to acquire connectd-camera maker Dropcam.

Says Nest, Dropcam was the best amongst the options it looked into, offering the combination of products, services, and customer experience it wanted. The Wall Street Journal is reporting the acquisition will take place for $555 million.

Nothing is set to change for current Dropcam customers, with Nest saying they'll still be using their Dropcam accounts and will be able to get products from current outlets. After the acquisition deal is finished, however, Dropcam will be absorbed into Nest in terms of business practices.

Nest will eventually bring Dropcam under its privacy policy, and it will follow the same paid-for-business model. It is being reported that Nest is paying cash for Dropcam, and that the Google company will work with it to develop more services and products for those in want of a connected home.

SOURCE: Nest