Google's Nest Labs to buy Dropcam for $694m: Report
Published on Jun 21, 2014 10:44 AM
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.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here