Google to Acquire Fitbit for $2.1 Billion USD, Launch its Own Wearables
Google’s parent company Alphabet has announced it plans to acquire wearable fitness company, Fitbit, in a deal worth $2.1 billion USD, confirming rumours from earlier this week (via CNBC).
“More than 12 years ago, we set an audacious company vision – to make everyone in the world healthier. 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,” said James Park, co-founder and CEO of Fitbit, in a press release.
“Google is an ideal partner to advance our mission. 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,” added Park.
Google’s confirmation of the acquisition noted it will make its own wearables with its Fitbit acquisition, said Rick Osterloh, Senior Vice President, Devices & Services, in a company blog post:
Over the years, Google has made progress with partners in this space with Wear OS and Google Fit, but we see an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market. Fitbit has been a true pioneer in the industry and has created engaging products, experiences and a vibrant community of users. 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.
Back in January, Google acquired smartwatch-related intellectual property from Fossil for $40 million USD. With the acquisition, Google is expected to release its own smartwatches to compete head-to-head with market leader, Apple Watch.