Google Acquires Wearables Company Fitbit for $2.1 Billion

After some rumors that Google was in talks with Fitbit for a possible purchase, both companies have come clear yesterday disclosing the matter. Google agreed to pay the wearables company $7.35 per share, which values the company at $2.1 billion.

This is a big win for Google, and to some extent for Fitbit too, as the company has been struggling in the past three years or so. For Google, this will boost the company’s share in terms of the global wearables market, which is a fast-paced industry with potential growth.

In that line, expect to see some more Made by Google wearables devices. In a blog post, Google says the transaction will be closed come 2020.

This, according to Google, is an ideal opportunity to bank more on Wear OS. Questions about data privacy are valid, and Google’s device SVP Rick Osterloh didn’t neglect the issue, at least in a blog post.

“We will never sell personal information to anyone. Fitbit health and wellness data will not be used for Google ads.”

“And we will give Fitbit users the choice to review, move, or delete their data,” he added.

Fitbit being the pioneer in this space has amassed over 28 million users globally. The company’s primary goal was to make everyone healthier, which they have already achieved, according to Fitbit CEO and co-founder James Park.

“With Google’s resources and global platform, 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,” said James.

Follow us on TelegramTwitterFacebookInstagramor subscribe to our weekly newsletter to ensure you don’t miss out on any future updates.

Facebook Comments

[TechTrends Podcast] Connectivity in Africa ft Africa Data Centres MD Dan Kwach

Alvin Wanjala

Alvin Wanjala has been writing about technology for over 2 years. He writes about different topics in the consumer tech space. He loves streaming music, programming, and gaming during downtimes.

Have anything to add to this article? Leave us a comment below

Back to top button