A few days ago we talked about the negotiations going between Fitbit and Google, but today everything is officially announced. Google is acquiring Fitbit and, as announced by Google itself, this will lead to large investments in Wear OS. The deal will be finalized for $7.35 per share in cash, valuing the company at a fully diluted equity value of approximately $2.1 billion.
As stated by Google through its official statement, the objective of the Mountain View company is to focus more on Wear OS and to introduce a series of wearable devices Made by Google. It also announces that it has chosen Fitbit to achieve this goal because “it has been a true pioneer in the health and fitness sector”, referring to the user experience, the products themselves and the community.
“Today, we’re announcing that Google has entered into a definitive agreement to acquire Fitbit, a leading wearables brand. We believe technology is at its best when it can fade into the background, assisting you throughout your day whenever you need it. Wearable devices, like smartwatches and fitness trackers, do just that—you can easily see where your next meeting is with just a glance of an eye or monitor your daily activity right from your wrist.”
“More than 12 years ago, we set an audacious company vision – to make everyone in the world healthier. Today, I’m incredibly proud of what we’ve achieved towards reaching that goal. We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life. Google is an ideal partner to advance our mission. 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. I could not be more excited for what lies ahead.”James Park, co-founder, and CEO of Fitbit
Google wants to create tools that can improve people’s quality of life in various ways, such as their knowledge, success, health, and happiness, and is convinced that Fitbit has a very similar vision, which points to people’s well-being through the conduct of a healthier and more active life.
From an operational point of view, Google intends to work closely with the Fitbit team of experts and exploit the best software and hardware, complete with artificial intelligence, to bring much innovation to the wearable device market.
Google is keen to emphasize that privacy is a fundamental aspect of the issue and communicates that users who will use the company’s wearable devices of the future, will be informed about what data will be collected and why, with a policy that wants to be completely transparent.