Nest to buy Dropcam for $555 : report
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[June 21, 2014]
(Reuters) - Google Inc's
Nest Labs will buy home-monitoring camera startup
Dropcam for about $555 million in cash, technology blog
Re/code reported on Friday, taking another step deeper
into consumers' homes.
Nest and Dropcam confirmed the acquisition in separate blog posts on
Friday, but did not specify the price tag. Google declined to
Google is increasingly expanding into new markets, with efforts
ranging from high-speed Internet access to advanced research on
self-driving cars and robotics.
It bought Nest, which makes smart thermostat and smoke alarms, this
year for $3.2 billion, the Internet firm's second-largest ever
The deal was touted as a foray into the fast-growing "smart" home
automation market, at a time consumer appliances and Internet
services are merging. But it also raised concerns about the privacy
implications for Google, which already collects rafts of data about
users' online habits.
Dropcam, which lets users monitor homes and offices via its camera
acquisition, the latter company said in its blog post. That means
data will not be shared with any other firm, including Google,
without a user's permission, it said.
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Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel
Partners and Menlo Ventures.
(Reporting by Ankit Ajmera in Bangalore; Editing by Lisa Shumaker)
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