Nest Acquired Dropcam for $555 Million
The Google owned California headed home automation company Nest Lab acquired video-monitoring start up Dropcam. Nest labs acquired Dropcam for a deal worth of $555 million in cash.
Nest Labs officially announced on their blog says “Although this was a big decision for us, it wasn’t a difficult one to make. Before deciding to extend an offer to Dropcam, we spent a lot of time looking at camera companies and technologies around the world. And I can say without a doubt, Dropcam has the best products, services, and customer experience in the business.
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Dropcam lets you check in on your home, no matter where you are in the world. But that’s not the only reason we’re excited about adding them to the Nest family. Our companies actually have a lot in common.”
Nest’s acting vice president of engineering Rogers says “The teams are very well aligned and we love the product. “We both think about the entire user experience from the unboxing on. We both care deeply about helping people stay connected with their homes when they’re not there.”
On January 14, 2014, Google acquired Nest Labs for US$3.2 billion. Now Nest Labs is working with 460 employees.