In an expansion of its connected home product portfolio, Nest Labs has announced that it has entered into an agreement to buy Dropcam for $555 million in cash, subject to adjustments. Dropcam is a startup technology firm that offers smart home security and video monitoring.
The acquisition marks an expansion of Nest Labs’ smart home products, which includes the Nest Learning Thermostat, Nest Energy Services that address home energy consumption and the Nest Protect: Smoke + Carbon Monoxide alarm.
Google acquired Nest earlier this year for $3.2 billion. The Nest’s Dropcam transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the U.S.