Google Confirms It’s Acquiring Fitbit for $2.1 Billion

Fitbit logo

Source Joe Maring Android Central

Fitbit typically asks for date of birth, gender, height and weight to help with such things as estimating calories burned. Some users also use Fitbit devices and its app to track food and water intake. The concerns come as big tech companies, including Google, face broader scrutiny over what they do with all the data they have from various platforms.

The wearable fitness tracker company also said it never sells personal information and that its health and wellness data will not be used for Google ads. But it won't have to worry about that when it becomes a Google company. It was worth almost $10 billion after it went public in 2015.

The Future Investment Initiative forum in Riyadh closed with a total of $20 billion in financial deals signed and a commitment that Saudi Arabia would address the issues of social empowerment and sustainability when it hosts the G20 gathering of heads of state a year from now. The Google Pixel Watch has always been rumored, and with the expertise and staff gained through acquiring Fitbit it might finally become a reality.

Offering $7.35 a share, Google was prepared to pay a 70 percent premium to take control of the company, although the overall valuation is not even twice Fitbit's annual revenue, serving to illustrate the company's recent struggles. Alphabet shares gained less than 1% in morning trading. Designing an SoC for these ultra-compact form factors gives these companies a huge advantage in device performance, battery life, and compactness, which are all critical aspects of a smartwatch. And explains that the health and fitness data collected by its devices will remain confidential. Or will Google's resources help Fitbit on its own journey?

When Alphabet on Friday offered to acquire the US wearable device maker for $2.1 billion, privacy advocates and lawmakers had cause for concern.

The report noted that Fitbit pioneered the market but has suffered from poor reception this year to the Versa Lite smartwatch, though that was offset by the popularity of its newly launched Inspire wristbands. Knowing that the wearable industry is growing, I do think Google can still make something happen, they just shouldn't wait much longer.

"Google is an ideal partner to advance our mission", Fitbit CEO James Park said in a statement.

Analysts have said the deal for Fitbit could allow Google to expand its reach into medical technology, an area where technology and health-care companies are competing to develop new ways for consumers to corral their digital health data. Most believe that there is no Pixel Watch at this time because Google feels that Wear OS is not exactly ready for prime time and any further development that Google does with the software is welcome.

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