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Dropcam purchase cost Google Nest Labs $555 million says report

Google's Dropcam purchase cost it over half a billion dollars according to a new rumor

| Business, Financial & Legal News | Posted: Jun 23, 2014 11:00 am

A new rumor was making the rounds late last week that has to do with Google Nest Labs and the purchase of Dropcam. Dropcam is a company that sold Wi-Fi enabled streaming cameras that could be used for surveillance. Both Google and Dropcam acknowledged that the purchase had been made on Friday.

 

TweakTown image news/3/8/38615_2_dropcam_purchase_cost_google_nest_labs_555_million_says_report.jpg

 

Rumors circulating around the web suggest that Google paid $555 million to purchase Dropcam. If the $555 million rumor is true, it means that combined with the purchase of Skybox for $500 million, Google has spent over a billion dollars in recent weeks on acquisitions.

 

The purchase earlier this year of Nest cost the web giant $3.2 billion. Google is spending massively on expanding its market with new products and services. The purchase of Dropcam is speculated to be a big move by Google to get into the home automation market. Dropcam is a product that will fit well with Nest's other offerings.

NEWS SOURCES:Esbtrib.com

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