Google’s Nest Buys Dropcam for $555 Million

 

Liz Gannes:

Dropcam, the popular home monitoring camera startup, will be acquired by Nest, maker of smart thermostats and smoke detectors. The deal is worth $555 million in cash.

Nest itself was just purchased by Google just four months ago for $3.2 billion. But the company says it is undertaking this acquisition on its own, outside of Google. Dropcam will be folded into Nest’s brand and company culture, and will also be subject to its privacy policy, Matt Rogers, Nest co-founder and VP of engineering, told Re/code in an interview Friday.

Things are really heating up in ‘The Internet of Things’ space – Everybody, including Google yesterday are vying to dominate this space.