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Google's Nest Labs to buy Dropcam for $694m: Report

Published on Jun 21, 2014 10:44 AM
 
Google's Nest Labs said on Friday it was buying video monitoring startup Dropcam for a reported US$555 million (S$694 million) in cash. -- PHOTO: BLOOMBERG

WASHINGTON (AFP) - Google's Nest Labs said on Friday it was buying video monitoring startup Dropcam for a reported US$555 million (S$694 million) in cash.

The deal comes amid huge growth in the smart home sector. One such example is Nest, which began as a smart-thermostat startup and Google bought in January in a deal valued at US$3.2 billion.

"This is a Nest Labs deal, not a Google deal," Nest co-founder Matt Rogers told The New York Times, which reported on the deal's value.

But Mr Rogers declined to detail future plans for the two companies.

 
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