Google buys Fitbit
Google and Fitbit have signed an acquisition deal.
Reportedly Google paid $2.1 billion to acquire Fitbit, one of the world’s most well-known fitness tracker brands.
Why did Google make the purchase?
Fitbit has around 28m active users, which is an impressive number (a growth of 2.2 million from the previous year).
Combined with a 12-year track record of selling more than 100m devices. Fitbit users in the main seem to be very happy with the products and boast some excellent brand loyalty.
It will be interesting to see how Google and Fitbit work together and how the next evolution of smartwatches begins to unroll. Apple has a large and growing market here, and Google needs to gain ground here. Google has some aces up its sleeve with AI and a global scale.
James Park, Fitbit co-founder, and CEO issued a public statement stating, “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.”
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