Google's Nest Labs buys Dropcam for $555 million

Google's Nest Labs is reportedly acquiring the video-monitoring startup Dropcam for a whopping 555 million dollars.

According to CNET, Nest will fold the company into its existing line of smart-home products, which currently includes the Protect smoke detector and Learning Thermostat. Dropcam's products will now be under Nest's privacy policy.

However, the deal is yet to be closed.

Also, the deal may trigger issue of privacy concerns, particularly because of Google's acquisition of Nest in January for 3.2 billion dollars.

The company said that the deal was sealed solely by Nest, and will be used to expand the Nest brand into home security and video monitoring, the report added.