Google Buys Fitbit For $2.1 Billion To Strengthen Foothold In Wearable Market

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With an aim to increase its presence in the wearable sector, Google has finally acquired Fitbit for $2.1billion. The development came just days after a report from Reuters, claimed that the search giant is in talks to buy to fitness tracker company.

Google Buys Fitbit For $2.1 Billion

 

While announcing the news, through a blog post, Google's senior vice president, Devices & Services Rick Osterloh informed that the Fitbit purchase is "An opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market." The company has spent $7.35 per share in cash, to buy the wearable company.

Google revealed that similar to their other products it will be transparent about the data they collect. "We will never sell personal information to anyone. Fitbit health and wellness data will not be used for Google ads. And we will give Fitbit users the choice to review, move, or delete their data," Osterloh said in a blog post.

However, the transaction needs approval from regulatory and Fitbit's stockholders. It is expected to close in 2020. Furthermore, Google revealed that it will allow Fitbit users the choice to review, move or delete their data. This is not the first time that Google has bought a wearable company.

Earlier, in January this year, the company has spent $40 million to buy technology from Fossil. This move by Google will definitely strengthen its presence in the wearable segment, an area where Apple and Fitbit are leading.

However, it is unclear if Google will allow Fitbit to operate independently, or it will come under Goggle's name. In fact, the announcement came at that time when acquisitions by tech companies like Apple and Facebook are under scrutiny from lawmakers on their size and power.

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