Business
Google set to acquire Fitbit for $2.1bn in a move to rival Apple
American tech firm, Google in an announcement on Friday, has agreed to acquire fitness wearable device maker, Fitbit for the sum of $2.1 billion, in a move to diversify to the wearable technology space.
This move will see Google in another competition with iWatch maker, Apple. Google is already competing with Apple for market share in the mobile device space.
Google’s Senior Vice President for device and services said the deal with the wearable tech pioneer would bring together the best hardware, software, and artificial intelligence (AI) to build wearable devices.
Fitbit whose share is trading at $7.15 – up by 15.7% after the news of the acquisition – is among the wearable pioneer but have been struggling in recent year.
Fitbit currently holds the fourth place in a market led by Chinese Xiaomi and Apple.
Commenting on the deal, co-founder and chief executive for Fitbit, James Park, 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.
“Google is an ideal partner to advance our mission. Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead.”
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