Nest Buys Home Security Company Dropcam
Nest Labs has entered into an agreement to buy Dropcam for $555 million in cash, subject to adjustments. Dropcam is a cloud-based, WiFi video service for residential customers to remotely check on their homes.
“Eventually, the plan is for us to work together to reinvent products that will help shape the future of the conscious home and bring our shared vision to more and more people around the world,” wrote Matt Rogers, Nest’s founder on the corporate blog.
In January, Google bought thermostat company Nest Labs for $3.2 billion and has since announced some utility partnerships to bring the Nest thermostat into homes along with service deals.
With the purchase of Dropcam, Google moves further into the connected home, offering security services in tandem with energy services. For business vendors of thermostats and energy services, it’s worthwhile to keep tabs on Google’s business strategies, even if they’re limited to residential, for now.
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