According to a report on Friday, Google Nest Labs recently acquired Dropcam for $555 million in cash. Dropcam is best known for their Wi-Fi video streaming services and home monitoring camera set up. Dropcam as well as Google confirmed this acquisition was true in separate blog posts on Friday. However, neither company stated how much money was involved in the purchase.
Dropcam is a service that allows users to monitor their homes or offices via it’s camera hardware and software. Some of Dropcam’s notable backers include Kleiner Perkins, Accel Partners and Menlo Ventures to name a few.
This marks one of many recent acquisitions by Google in the company’s attempt to expand their market. Although Google currently dominates the smartphone market with Android and the web browsing business with Chrome, it appears as though the company is beginning to invest more into emerging markets and fields of technology.
It was very recently that Google purchased satellite company Skybox for $500 million. This acquisition was to enhance the Google Maps experience alongside more experimental projects. Google also purchased Nest for $3.2 billion this year which marked Google’s second largest acquisition in the history of the company.
The acquisition of Dropcam was touted to be an attempt from Google to begin investing in the now trending “smart home” market. With the steam of smartphones and tablets beginning to slow, many companies are seeking to create the “next big thing,” and with smartwatches still experimenting for the perfect formula, this seems like the next best move.
It’s very likely that Google will go into more detail in regards to this acquisition over the coming months.