06/20/2014 08:46 pm ET Updated Aug 20, 2014

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

FREDERIC J. BROWN via Getty Images

(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

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)