Google to acquire Fitbit in $2.1bn deal
San Francisco: Google on Friday said that it has entered into a definitive agreement to acquire wearable company Fitbit in a $2.1 billion deal.
The acquisition is likely to give Google’s hardware business a huge boost.
“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,” Rick Osterlo, Google’s Senior Vice President for Devices & Services, said in a blog post.
The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.
“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,” said James Park, Co-Founder and CEO at Fitbit.
“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,” Park said.
Fitbit said it will continue to remain platform-agnostic across both Android and iOS.
Fitbit pioneered the wearables category by delivering innovative, affordable and engaging devices and services.
Fitbit health and wellness data will not be used for Google ads, the company said.