’s initial foray into the connected home front with the acquisition of Nest
is an acquisition of Dropcam
, a startup
that makes a cloud-based WiFi video monitoring service. Rumors had emerged
a few weeks ago that this was happening, but now the deal is going through for $555 million.
According to the Wall Street Journal
, Nest co-founder Matt Rogers confirmed that the company is paying cash for Dropcam. The deal will close pending regulatory approval.
That said, Dropcam offers quite a compelling set of services, and paired with Nest makes for a suddenly interesting spate of Internet of Things
offerings from parent company Google.