Google acquire Fitbit
Friday, November 1, 2019
The agreement is believed to value Fitbit at $2.1 billion with Rick Osterloh, Senior Vice President, Devices & Services at Google framing the acquisition as…
Google has announced it has entered into a definitive agreement to acquire wearable brand Fitbit.
The agreement is believed to value Fitbit at $2.1 billion with Rick Osterloh, Senior Vice President, Devices & Services at Google framing the acquisition as "an opportunity to invest even more in Wear OS" in a blog post.
"We believe technology is at its best when it can fade into the background, assisting you throughout your day whenever you need it" continued Osterloh
"Wearable devices, like smartwatches and fitness trackers, do just that—you can easily see where your next meeting is with just a glance of an eye or monitor your daily activity right from your wrist."
Fitbit has sold more than 100 million devices and supports an engaged global community of millions of active users, utilising data to deliver unique personalised guidance and coaching to its users. Fitbit will continue to remain platform-agnostic across both Android and iOS.
In the announcement of the acquisition, FitBit made a point of discussing privacy adding 'Consumer trust is paramount to Fitbit. Strong privacy and security guidelines have been part of Fitbit’s DNA since day one, and this will not change. Fitbit will continue to put users in control of their data and will remain transparent about the data it collects and why. The company never sells personal information, and Fitbit health and wellness data will not be used for Google ads.'
"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. Looking ahead, we’re inspired by the opportunity to team with Fitbit to help more people with wearables."
FitBit is scheduled to release its Q3 results Wednesday (6/11). The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.