Advertisement

HindustanTimes Sat,23 Aug 2014

Google's Nest to buy home-monitoring camera startup Dropcam for $555mn

Reuters   June 21, 2014
First Published: 07:37 IST(21/6/2014) | Last Updated: 08:54 IST(21/6/2014)

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.

Advertisement

Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.

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 acquisition.

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 hardware and software, will adopt Nest's privacy policy after the acquisition, the latter company said in its blogpost. That means data will not be shared with any other firm, including Google, without a user's permission, it said.

Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel Partners and Menlo Ventures.


Advertisement
more from Business

Sebi clamps down on PACL’s Rs 50K croremoney-pooling scheme

In its biggest ever crackdown, capital market regulator Sebi on Friday ordered the closure of a Rs 50,000-crore collective investment scheme run by Pearls Agrotech Corporation Ltd and directed the company to refund investors’ money within three months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved