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."
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,016.25
+1.4%
Gold
2,220.77
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes
Government tenders
Find public sector tender opportunities in South Africa here.
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders