BANGALORE, June 21 — Dropcam, the home-monitoring camera startup, will be bought by Google Inc’s Nest Labs for about US$555 million (RM1.8 billion) in cash, a technology news website reported yesterday.
The deal was signed yesterday and is yet to close, according to the report by Recode.net.
Nest confirmed the acquisition in a blog post yesterday, 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 US$3.2 billion. — Reuters