Google’s Nest Labs, a provider of smart thermostat and smoke/carbon monoxide detectors, on Friday announced that it is acquiring Dropcam which makes cameras that homeowners can install themselves and monitor via the Internet. According to multiple published reports, Google will be paying $555 million for the company, which follows their acquisition of Nest earlier this year for more than $3 billion.
The acquisition will enable Nest to broaden their product offerings in the home security space and positions Google to be an even bigger player in the quickly emerging smart home market.
In a blog post, Matt Rogers, Nest’s founder and head of engineering, said that they spent a lot of time evaluating camera companies and technologies around the world before deciding to make an offer to Dropcam.
“Dropcam lets you check in on your home, no matter where you are in the world. But that’s not the only reason we’re excited about adding them to the Nest family. Our companies actually have a lot in common,” said Rogers. “Dropcam built their company from the ground up with the goal of helping people stay connected to the things they care about. In a matter of a few short years, their team has managed to create products that change how people interact with their homes. So naturally, we couldn’t help but feel our companies would be a good match.”
Although they eventually plan to integrate Dropcam into their operations at Nest once the deal closes, Rogers said that things will remain status quo for now with the company’s cameras continuing to be sold online and in stores.