Google to acquire wearable-tech maker Fitbit for $2.1B
Should Google go after Fitbit?
Mobile Nations Senior Editor Russell Holly and MarketWatch Technology Jeremy Owens discuss whether or not investors should carry the torch for tech behemoths.
Google will acquire fitness and exercise-tracking brand Fitbit for $2.1 billion, the companies announced Friday.
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“More than 12 years ago, we set an audacious company vision – to make everyone in the world healthier,” said James Park, co-founder and CEO of Fitbit. “Today, I’m incredibly proud of what we’ve achieved towards reaching that goal. We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life.”
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Google acquired the company for a cash payment of $7.35 per share in cash, or roughly $2.1 billion, according to Fitbit. The deal is slated to be finalized in 2020, pending certain approvals, the release stated.
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Fitbit was founded in 2007 by Park and Eric N. Friedman and has grown to offer products ranging from exercise trackers, smartwatches, wireless headphones, specialized scales and even a subscription service. The wearable devices and products are sold in more than 39,000 stores worldwide.
Close up of the Fitbit Force. Fitbit Force is a sport fitness tracker that can allow you to track your daily activity, calories burned, sleep & weight, and with that is it possible the upload wirelessly & see progress on mobile and online das
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“Technology is at its best when it can fade into the background, assisting you throughout your day whenever you need it,” Rick Osterloh, Google’s senior vice president of devices and services, said in a statement. “Wearable devices, like smartwatches and fitness trackers, do just that -- you can easily see where your next meeting is with just a glance of an eye or monitor your daily activity right from your wrist.”