FitBit to be Acquired by Google

Fitness Smartwear pioneer FitBit announced its slated takeover by Google at a share price of $7.35, bringing the net price to be around $2.1 billion.

Crux of the Matter

1. Google’s parent company Alphabet will reportedly buy FitBit.

2. This is supposed to give competition to rival company Apple in the Fitness Tracking space.

3. The transition would complete in 2020.

4. “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. Google also remains committed to Wear OS and our ecosystem partners, and we plan to work closely with Fitbit to combine the best of our respective smartwatch and fitness tracker platforms.” says Google’s Hardware Chief Rick Osterloh.

Curiopedia

Fitbit is an American company headquartered in San Francisco, California. Its products are activity trackers, wireless-enabled wearable technology devices that measure data such as the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics involved in fitness. Before October 2007, the company was previously named Healthy Metrics Research, Inc. Some evidence has found that the use of similar devices results in less weight loss rather than more. Read More

Curated Coverage

1. CNBC – Google to acquire Fitbit, valuing the smartwatch maker at about $2.1 billion

2. Coresight – Google to Acquire Wearable Device Maker Fitbit for $2.1 Billion in Cash

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