Breaking News
Translate

Google to purchase fitness tracker Fitbit in multibillion-dollar deal

Google to purchase fitness tracker Fitbit in multibillion-dollar dealAlphabet, the parent company of Google, has reached an agreement to purchase Fitbit, a leading maker of fitness trackers, the company said on Friday.

Google will pay $7.35 per share in cash for Fitbit, a price that values the company at about $2.1 billion.

The purchase will pit Alphabet against Apple, whose Apple Watch is the worldwide leader in wearable fitness tracking devices.

READ ALSO: IBM pushes back on Google quantum computing claims

“We’ve signed an agreement to acquire @Fitbit,’’ Google said in a tweet.

“Together, we aim to spur innovation in wearables and build helpful products to benefit more people around the world.’’

Rick Osterloh, Google’s Head of Hardware, said in a blog post the acquisition can help Google advance its ambitions for its operating system for smartwatches, known as Wear OS.

“By working closely with Fitbit’s team of experts, and bringing together the best artificial intelligence software and hardware, we can help spur innovation in wearables and build products to benefit even more people around the world,’’ Osterloh said.

Google remains committed to Wear OS and its partners and plans to work closely with Fitbit to combine the best of the two smartwatch and fitness tracker platforms.

Osterloh said Alphabet has made progress with its Wear OS but sees an opportunity to invest even more in it and introduce ‘Made by Google’ wearable devices into the market.

He described Fitbit as a true pioneer in the industry.

Vanguard Nigeria News

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.