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 the full story at re/code. To learn more about Dropcam, visit its website today.