Fitbit is getting Googled, in more ways than one.
That’s because there was a Fitbit of news on Friday. Google, a company that you may have heard of, will be acquiring Fitbit, Inc., which has been a pioneer in the wearable-technology and fitness tracker market. According to a Fitbit press release, the deal will go down for $7.35 per Fitbit share, which amounts to about $2.1 billion.
This will certainly help Google get a leg up, or an arm up, or wherever-you-happen-to-wear-your-wearable up, on the rest of the wearable technology market. Google, which is owned by Alphabet, certainly won’t be the only player in the market and would have to catch up to Apple, Samsung, and others in many ways. But it is kind of nice when you can just buy a leading fitness tracker company to do so.
In a blog post, Rick Osterloh, Senior Vice President of Devices and Services for Google, described the impending acquisition as “an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market.” He indicated that “By working closely with Fitbit’s team of experts, and bringing together the best AI, software and hardware, we can help spur innovation in wearables and build products to benefit even more people around the world.” Indeed, with the deal, Alphabet-owned Google will be acquiring Fitbit’s product line that includes activity trackers such as the Fitbit Charge 3™, Fitbit Inspire HR™, Fitbit Inspire™ and Fitbit Ace 2™, smartwatches such as the Fitbit Ionic™ and Fitbit Versa™, wireless headphones such as the Fitbit Flyer™, and smart scales such as the Fitbit Aria.
Ah, but that’s not all that they’ll be getting. There’s also going to be lots and lots and lots of, drum roll please, data.
In a statement for the press release, James Park, co-founder and CEO of Fitbit, said, “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.”