Google to Acquire Fitbit for $2.1B

Fitbit announced today that it entered a definitive agreement to be acquired by Google for approximately $2.1 billion.

Google will pay $7.35 per share in cash for the transaction, which is expected to close in 2020.

“Google is an ideal partner to advance our mission,” said James Park, co-founder and CEO of Fitbit. “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.”

Fitbit, which was founded in 2007, has emphasized its platform to improve the overall health of its customers.

Most recently, the company rolled out a Premium Service which used the wearer’s data to guide and coach individuals toward their health and fitness goals.

Wearable devices fade into the background while continuing to monitor the user’s daily activity, which Google believes make the technology beneficial.

Google has partnered with companies for Wear OS and Google Fit, but wants to invest more in Wear OS and introduce Made by Google wearable devices to the market, Rick Osterloh, M.S., senior vice president of devices and services at Google, wrote in a blog post.

“Fitbit has been a true pioneer in the industry and has created engaging products, experiences and a vibrant community of users,” Osterloh wrote. “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’s goal is to create tools to help people enhance their knowledge, success, health and happiness, aligning well with Fitbit’s focus on wellness and helping people live more active and healthier lives, Osterloh wrote.

Google will be transparent about the data it collects and why, Osterloh claimed, adding that the company will not sell personal information to anyone or use the Fitbit health and wellness data for Google ads.

“More than 12 years ago, we set an audacious company vision — to make everyone in the world healthier,” Park said. “Today, I’m incredibly proud of what we’ve achieved towards reaching that goal.”

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