Earlier today, renowned family safety platform Life360 announced plans to acquire tracking titan Tile for a whopping $205 million USD.
The news comes just days after Tile CEO CJ Prober raved about the company’s revenues for the year so far, which are quite healthy despite what he calls “unfair competition” from Apple’s AirTags.
Tile has been an industry leader in location tracking for the better part of a decade now, and its products went largely uncontested until Apple came out swinging with its AirTags earlier this year.
The merger will bring family safety and location tracking technology under the same roof, creating a cross-platform solution that will enable families and individuals across all life stages to keep location-based track of people, pets, and things
“Life360 is on a mission to simplify safety so families can live fully. With the acquisition of Tile, we will now be able to provide a unique and all-encompassing solution for finding the people, pets and things that families care about most,” said Life360 Co-Founder and Chief Executive Officer Chris Hulls.
“This acquisition marks a key step forward towards Life360 achieving its vision of being the world’s leading platform for safety and location services. We are thrilled to welcome Tile to the Life 360 family.”
Under the terms of the acquisition, Tile will continue to operate with its own brand identity under the Life360 umbrella, and current CEO CJ Prober will remain at its helm. Prober will sit on Life360’s Board of Directors following the transaction, and the current Tile team and staff will remain.
“This is a great day for Tile, our customers, and our employees,” said Prober.
“This acquisition not only brings together two incredible teams with complementary missions and values, it paves the way for us to jointly build the world’s leading solutions for peace of mind and safety. This is the next step in our journey, and I could not be more excited to continue leading our incredible team and to join the Life360 Board.”
Together, Life360 and Tile will aim to create the “complete family safety experience for consumers,” while speeding up international expansion for both brands. The deal is expected to close in the first quarter of 2022.