Dropcam acquired by Google Nest

Home security camera firm Dropcam said Monday that it has signed an agreement to be acquired by Google-owned Nest, the maker of connected home products like thermostats. The price tag is thought to run to $555m in cash.

Dropcam makes home monitoring cameras and motion sensor tags and for the time being will continue to operate as an independent entity.

“Aamir and I founded Dropcam in 2009 with a simple mission — to help you know what goes on at home when you aren’t there. We had both seen our dads struggle with “IP cameras” and traditional security cameras that were some combination of hard to use, expensive and low quality,” said co-founder Greg Duffy.

“From the first products that Aamir and I literally built ourselves — writing most of the code and boxing them up and shipping them out — to our flagship Dropcam Pro we have prided ourselves on building simple, secure and high-quality hardware and software experiences. This is exactly why we were willing to consider teaming up with Nest.”

Duffy said Nest and Dropcam are kindred spirits, both were born out of frustration with outdated, complicated products that do the opposite of making life better.