Dropcam , the popular home monitoring camera startup, will be acquired by Nest, maker of smart thermostats and smoke detectors. The deal is worth $555 million in cash.
Nest itself was just purchased by Google just four months ago for $3.2 billion. But the company says it is undertaking this acquisition on its own, outside of Google.
Dropcam will be folded into Nest’s brand and company culture, and will also be subject to its privacy policy, Matt Rogers, Nest co-founder and VP of engineering, told Re/code in an interview Friday.“The teams are very well-aligned and we love the product,” Rogers said. “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.”
Rogers said the deal was signed Friday and has yet to close. The Dropcam team plans to move from San Francisco to Nest’s offices in Palo Alto, Calif.
Read More – Recode -Google’s Nest Buys Dropcam for $555 Million
Bidness Etc had this to say
Nest is owned by Google Inc (GOOG), which bought it out for about $3.2 billion earlier this year. Given the close ties between the two, Nest’s acquisition of Dropcam may raise privacy concerns. Already, critics are speculating that Google will start using consumer information collected from Nest to support its other businesses. However, according to Nest, Dropcam users will be covered under Nest’s privacy policy and customers’ data will not be shared with Google without their permission.
You mean permission like the fine print found in the Terms of Service (TOS) agreement that is so long and so difficult to decipher, most choose not to read them and just hit the “Agree” button?
Be careful less you allow Google to record everything that goes on in and around your home. As it stands right now, you can’t sun bath naked on your own property, without their eye in the sky peering down on you via Google earth. Remember, “Don’t be evil.“
