June 20 Dropcam, the home-monitoring camera
startup, will be bought by Google Inc's Nest Labs for
about $555 million in cash, a technology news website reported
The deal was signed on Friday and is yet to close, according
to the report by Recode.net. (Recode: on.recode.net/1lGtOi8)
Nest confirmed the acquisition in a blog post on Friday, 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 $3.2 billion.
(Reporting by Ankit Ajmera in Bangalore; Editing by Lisa