Google to acquire Fitbit for USD 2.1 billion
Google has announced that it has entered into a definitive agreement to acquire Fitbit, a wearables brand, for approximately USD 2.1 billion.
Rick Osterloh, Google Senior Vice President, Devices & Services, said in a blog post that Google sees the acquisition of Fitbit as an opportunity to invest more in Wear OS as well as introduce Made by Google wearable devices into the market.
Google also emphasizes that they will be transparent about the data they collect and why from these wearables. The company said that they will never sell personal information, while Fitbit health and wellness data will not be used for Google ads.
“Fitbit has been a true pioneer in the industry and has created engaging products, experiences and a vibrant community of users,” said Osterloh. “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 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,” said James Park, co-founder and CEO of Fitbit.
The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.
source: Google, Fitbit