Nest, the home automation company that offers smart thermostats and home alarm systems, has acquired Dropcam, makers of a cloud-based Wi-Fi video monitoring service, for $550 million in cash last week, according Nest. Google acquired Nest back in January for more than $3 billion.

According to the Dropcam website, the company offers mobile and web apps that enable users to view live streaming video, turn cameras on and off based on where you are and at specific times of the day or week; make the video public; and save it to the cloud. 

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