The money is flowing in the tech world. Following Google’s acquisition of Nest earlier this year, Nest (Google in disguise) has announced its purchase of Dropcam for $555 million. If you’re not familiar with Dropcam, it’s a cloud-based WiFi video streaming service. That sounds like an entertainment service, but it’s actually used for security, allowing homeowners to easily monitor and track what goes on in their homes via Dropcam cameras.
What intrigues us is that this is Google’s second large purchase of a company that makes goods to improve the home. Rumors have been swirling that Google is planning a push toward smart homes, and if its latest purchases are any indicator, then that rumor would appear true. While a home connected by Google Now would have hundreds of benefits, it would also raise security risks tenfold. We sincerely hope that Google takes their time to make sure that everything is ironed out before trying a smart home concept.
Mum is the word for Nest on what Dropcam will be used for, but the founder of Nest did say this:
What are your predictions for how Google will use Nest and Dropcam?Show Press Release
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. For more information, visit the Nest blog.
Nest reinvents unloved but important home products, like the thermostat and smoke and CO alarm. The company focuses on delighting customers with simple, beautiful and thoughtful hardware, software and services. The Nest Learning Thermostatâ„¢ and Nest Energy Services offerings address home energy consumption, and Nest Protect: Smoke + Carbon Monoxideâ„¢ helps keep people safe. Nest products are sold in the U.S., U.K. and Canada, and are installed in more than 120 countries. For more information, visit www.nest.com.