Google's Nest Reportedly To Buy Dropcam For $555 million

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DROPCAM
The dropcam HD Wi-Fi Video Monitoring Camera which uses cutting-edge data analysis and motion/audio sensing is displayed on the opening day of the International Consumer Electronics Show on January 10, 2012 in Las Vegas, Nevada. The show kicked off with a dazzling array of high-tech gadgetry including ultra-thin laptops, snazzy smartphones, iPad rivals and flat-screen and 3D TVs with a record 3,100 companies from around the world displaying their goods over a space equivalent to more than 35 foo | FREDERIC J. BROWN via Getty Images
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(Reuters) - Dropcam, the home-monitoring camera startup, will be bought by Google Inc's Nest Labs for about $555 million in cash, a technology news website reported on Friday.

The deal was signed on Friday and is yet to close, according to the report by Recode.net.

Nest confirmed the acquisition in a blog post on Friday, but did not specify the price tag. Neither Google nor Dropcam were immediately available for comment.

Dropcam plans to move from San Francisco to Nest’s offices in Palo Alto, California, Recode wrote.

Nest makes smart thermostat and smoke alarms and was bought by Google earlier this year for $3.2 billion.

(Reporting by Ankit Ajmera in Bangalore; Editing by Lisa Shumaker)

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