Posts tagged with "Big tech"

Merge ahead: Google to buy Fitbit in $2.1 billion deal

November 4, 2019

San Francisco-based Fitbit—which has expanded its presence to 39,000 retail stores and 100+ countries since it produced its first activity trackers in 2007—announced on November 1 that it has agreed to be acquired by Menlo Park, California-based tech giant Google for $7.35 per share in cash—valuing the company at a fully diluted equity value of approximately $2.1 billion.

“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. 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,” said James Park, co-founder and CEO of Fitbit. “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.”

“Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users,” said Rick Osterloh, SVP, Devices & Services at Google. “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.”

According activity tracker developers, being “on Fitbit” is not just about the device. Rather, “it is an immersive experience from the wrist to the app, designed to help users understand and change their behavior to improve their health.”

 Because of this unique approach, Fitbit says it has sold more than 100 million devices and supports an engaged global community of millions of active users—using data to deliver unique personalized guidance and coaching to its users. Fitbit will continue to remain platform-agnostic across both Android and iOS.

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 says the company “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.”

The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.

Research contact:@fitbit