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Google Set to Buy Fitbit For $2.1billion

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Google Set to Buy Fitbit For $2.1billion

Google has agreed to buy Fitbit for $2.1
billion in a move giving the US tech giant
entry into the wearable technology space, the
two companies announced Friday.
The move comes with Google seeking to
expand beyond its core business of online
search into hardware, and with Fitbit
struggling against rivals including Apple.
“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,” Fitbit co-founder
and chief executive James Park said in a
statement by the two firms announcing the
deal.
“Google is an ideal partner to advance our
mission. 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.”
Rick Osterloh, Google senior vice president
for devices and services, said the deal for the
wearable tech pioneer is one “bringing
together the best hardware, software and AI,
to build wearables to help even more people
around the world.”
While Fitbit was among the first to popularize
fitness bands, it has lost ground in recent
years to rivals.
A survey by research firm IDC for the second
quarter of 2019 found Fitbit in fourth place in
a market led by China’s Xiaomi leading the
global market, followed by Apple — which
makes the leading smartwatch — and
Chinese-based Huawei.
Fitbit has introduced its own smartwatch in
2017 but it has failed to keep pace with the
Apple Watch.
Google, which faces pressure from regulators
around the world over its dominance of
internet search, has been boosting its
hardware offerings, including a line of Pixel
smartphones and tablets, along with
connected speakers.

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