Google (GOOG) Subsidiary Nest Buys Home-Monitoring Firm Dropcam

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Dropcam, GOOG, Google, Internet, Nest, Technology
Dropcam, GOOG, Google, Internet, Nest, Technology

Web search and online advertising company Google’s (GOOG) Nest disclosed late on Friday that it acquired San Francisco-based, home-monitoring company Dropcam in an effort to expand its offerings for the connected home.

Nest co-founder Matt Rogers said, “We care very deeply about helping people stay connected to their home, especially when they’re not in their home. This is another offering that helps people get insights into their home.”

Dropcam’s core business consists of a camera and a cloud recording service, which consumers can use to record up to a month of video and play back from a smartphone anywhere in the world.

The company didn’t disclose a price in a blog post, but the Wall Street Journal and Recode reported that Nest paid $555 million.

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