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
India has blocked hundreds of adult websites to prevent pornography becoming a social nuisance, a government official said on Monday, sparking a debate about censorship and freedom in the world's largest democracy. Article | Poll
- Samsung glamour days over as it fights to save mobile market share
- Drug using 3D printing technology gets FDA nod
- U.S. court to hear lawsuits over 'net neutrality' in December
- U.S. drones capture breath samples from humpback whales in study
- Internet experts submit draft plan for U.S. to cede domain oversight