Google Inc (GOOGL) is reportedly exploring Dropcam acquisition
Google Inc (NASDAQ:GOOGL) is rumored to be considering Dropcam for an acquisition to make a large entrance into the smart home market. You may remember that Google also acquired Nest for $3.2 billion. Dropcam builds WiFi enabled cameras for home security purposes. Between Nest and Dropcam, Google would be able to intensely compete against offerings from companies like Comcast, Time Warner Cable, and Alarm.com.
When Google acquired Nest, it launched a discussion about the company’s entrance into the smart home market, which is often referred to as the “Internet of Things.” The Internet of Things involves appliances like refrigerators, dish washers, and washing machines to communicate with the web.
Dropcam cameras stores recorded content in the cloud. The company has raised over $47 million in funding since launching in 2009. Its cameras can connect to the Internet and store video for later viewing.