Nest to buy Dropcam for USD 555 million

News Broadband United States 23 JUN 2014
Nest to buy Dropcam for USD 555 million

Google-owned Nest, a vendor of smart home products and services such as thermostats, smoke and CO alarms, has entered into an agreement to buy home camera and motion sensor tag company Dropcam for USD 555 million in cash, subject to adjustments. For the time being there will be little change, with Dropcam products to continue to be sold online and in stores, and Dropcam customers continuing to use their Dropcam accounts, Nest writes on its blog.

Once the deal closes, Dropcam's customers will benefit from Nest's customer support and its data will come under Nest's privacy policy, with data not shared with anyone, including Google, without a customer's permission. Dropcam will also use Nest's paid-for business model with no advertising.

Dropcam was founded by CEO Greg Duffy and Coo Aamir Virani in 2009. Its backers include Accel Partners, Kleiner Perkins Caufield & Byers and Menlo Ventures.

Categories:

Internet

Companies:

Google,  Dropcam,  Nest

Regions:

Global

Countries:

United States

Tags:

Data services, Wi-Fi, Consumer devices, Wireless, Consumer, M&A buyouts & divestments

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