Alphabet Plans To Acquire Fitbit To Enter Wearable Segment: Reports

Alphabet, the parent company of Google seems to be interested in the wearable sector and it has made a formal offer to buy smartwatch and fitness band company Fitbit. The information was first reported by Reuters. Here are the details:

"There is no certainty that the negotiations between Google and Fitbit will lead to any deal," Reuters quoted an unnamed source. The exact price what Google offered Fitbit is also not revealed by the source.

There is a lot of anticipation about the upcoming Google Pixel Watch but the company has never confirmed any information about the wearable. The news of buying Fitbit isn't surprising because we know that the company is interested in the fitness hardware market and it is developing WearOS for a long time.

According to the Reuters report, Fitbit's share is influenced by the other companies in the Fitness tracker business who are offering similar products at a cheaper price point with the same functionality.

Some of the companies which are already doing well in the wearable sector are Huawei and Xiaomi. Both the companies have a number of products in the budget segment which are capable of delivering high-end features.

Just to recall, Fitbit fitness trackers are capable of monitoring user's daily life activities like step counts, calories burned, distance walked, swimming stats, and more. The fitness trackers are also capable of measuring floors climbed and real-time heart rate tracking.

In August, Fitbit said it had inked an agreement with the Singapore government to give fitness trackers. The company will also take part in a health program and could reach up to 1 million new users.

Later in the same month, the company has announced the launch of its latest smartwatch -- the Versa 2. It comes with integrated Alexa voice assistant, music storage and online payment as well.

It remains to be seen as whether both companies will take the deal ahead or not. Do note that the company has not confirmed this news, so we recommend you to take this information with the pinch of salt and wait for an official announcement.