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Nest spends $555m to buy Dropcam

Washington - Nest Labs co-founder, Matt Rogers, says his company is in the process of buying video monitoring start-up Dropcam for $555m in cash.

The deal comes amid huge growth in the smart home sector. One such example is Nest, which began as a smart-thermostat start-up and Google bought in January in a deal valued at $3.2bn.

"This is a Nest Labs deal, not a Google deal," Rogers told The New York Times, which reported on the deal's value, but Rogers declined to detail future plans for the two companies.

In announcing the deal, Nest said: "Dropcam has the best products, services and customer experience in the business."

Nest said the general plan was for the two firms to "reinvent products that will help shape the future of the conscious home and bring our shared vision to more and more people around the world."

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