Nest, a company that was acquired by Google earlier this year for $3.2 billion, is set to acquire home monitoring camera startup Dropcam for $555 million.
Nest, which makes smart thermostats and smoke detectors, says it is buying Dropcam on its own, outside of Google, and will fold Dropcam into Nest’s brand and company culture, Re/code reported.
Dropcam is the best-selling security camera on Amazon and its newest camera sells for $199. Before this acquisition, Dropcam had raised $48 million from investors.
“We both care deeply about helping people stay connected with their homes when they’re not there,” Matt Rogers, Nest co-founder and vice president of engineering, told Re/code.
The deal has been signed, but not yet closed.