Nest has announced that it is acquiring Dropcam, the cloud-based camera surveillance company. While the announcement did not disclose how much the company has sold for, Re/Code is reporting the deal is worth $555 million in cash.
Nest claims it has been eyeing many camera options for a while to fold into the Nest family of products. Eventually landing on Dropcam based on its reputation, ease of use and overall being an awesome product.
Home automation and the evolution of smarthomes looks to be a market that will explode in the coming years. This acquisition seemingly adds additional fire to the growing industry.