Google advances its connected home plans, acquires Dropcam by way of Nest for $555 million

Google-owned Nest has just announced that it acquired home monitoring firm Dropcam, which makes security cameras that can be monitored remotely from a smartphone or tablet, as reported by Re/code. The buyout will cost Nest $555 million.

The companies will continue to operate independently for now, but will eventually work together on new products, according to Nest’s Matt Rogers:

Eventually, the plan is for us to work together 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. For now though, not much will change. Dropcam products will still be sold online and in stores. And Dropcam customers will still continue to use their Dropcam accounts.

While the companies will keep making their own products, customer support and other similar operations will be moved under the control of Nest once the deal closes.

Nest, of course, makes a smartphone-connected thermostat and smoke/CO detector, which was recently put back on sale after being pulled for safety issues.