Google has announced that it is buying wearable company Fitbit for $2.1 billion ($7.35 per share) in a straight-forward cash acquisition.
Fitbit, which has sold over 100m devices, and Google have to gone to some lengths to reassure users that the deal in no way involves cross fertilising personal health data with Google’s considerable ad business. Rather, the deal provides a platform for Google to sure up its wearable aspirations and invest more into its Wear OS as well as introduce Made by Google wearable devices into the market.
Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users. We’re looking forward to working with the incredible talent at Fitbit, and bringing together the best hardware, software and AI, to build wearables to help even more people around the world.
Rick Osterloh, SVP of devices and services, Google