Google Inc's Nest Labs will buy home-monitoring camera startup Dropcam for about $555 million in cash, technology blog Re/code reported on Friday, taking another step deeper into consumers' homes.
Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.
Google is increasingly expanding into new markets, with efforts ranging from high-speed Internet access to advanced research on self-driving cars and robotics.
It bought Nest, which makes smart thermostat and smoke alarms, this year for $3.2 billion, the Internet firm's second-largest ever acquisition.
The deal was touted as a foray into the fast-growing "smart" home automation market, at a time consumer appliances and Internet services are merging. But it also raised concerns about the privacy implications for Google, which already collects rafts of data about users' online habits.
Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel Partners and Menlo Ventures.
(Reporting by Ankit Ajmera in Bangalore; Editing by Lisa Shumaker)
Trending On Reuters
The Obama administration on Tuesday sided against Google Inc and said the U.S. Supreme Court should not hear the company's appeal in a case against Oracle Corp with wide implications for the technology industry, according to a court filing. Full Article
Japan nuclear regulator finishes review on Kyushu reactors, could be first to restart. Full Article
Factbox - China's leaders sign $80 bln of deals with India, Brazil and others. Full Article
Obama administration asks U.S. top court to decline Google copyright appeal. Full Article
Iraq Shi'ite militia take lead in campaign to reverse Islamic State gains Full Article