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.

Published Mon, Jun 23 2014 6:00 AM CDT   |   Updated Tue, Nov 3 2020 12:16 PM CST

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.

Dropcam purchase cost Google Nest Labs $555 million says report | TweakTown.com

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 SOURCE:esbtrib.com

Shane is a long time technology writer who has been writing full time for over a decade. Shane will cover all sorts of news for TweakTown including tech and other topics. When not writing about all things geeky, he can be found at the track teaching noobs how to race cars.

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