- Google has announced that it is buying Fitbit in a deal valued at $2.1 billion
Today Fitbit announced that it has entered a definitive agreement to be acquired by Google for $7.35 per share in cash. This values the deal at $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 popularized the wearables category by delivering innovative, affordable, and engaging devices and services. And Fitbit is known for providing an immersive experience from the wrist to the app — which is designed to help users understand and change their behavior to improve their health.
With this unique approach, Fitbit sold over 100 million devices and now it supports an engaged global community of millions of active users thus utilizing data to deliver unique personalized guidance and coaching to its users. Going forward, Fitbit will continue to remain platform-agnostic across both Android and iOS.
“Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users,” added Rick Osterloh, Senior Vice President, 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.”
Fitbit also pointed out that it will continue to put users in control of their data and it will remain transparent about the data it collects and why. Currently, Fitbit does not sell personal information and Fitbit health and wellness data will not be used for Google ads.
This deal is expected to close in 2020 subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.