.Google is buying fitbit for about $2.1 billion, enabling the company to step back into the hotly contested market for smartwatches and health trackers
Fitbit is a pioneer in wearable fitness technology, but it's been shredded by that competition. Google, meanwhile, has been developing Wear OS software for other manufacturers to build wearable devices, but they haven't gained much traction in the face of competition from Fitbit, Apple, Samsung and others."Google doesn't want to be left out of the party," said analyst Daniel Ives of Wedbush Securities.
Google said it won't sell ads using the sensitive health data that Fitbit devices collect, continuing promises made by Fitbit. Matt Stoller of the Open Markets Institute, a research group that focuses on competition and consolidation, said health care is one of the few industries big enough to help a company as large as Google keep growing.
Alphabet said it will pay $7.35 per share for the company, which were trading at $7.20 each after the deal was announced. Alphabet shares gained less than 1% in morning trading. Last year, Fitbit acquired a cloud-based health coaching platform used to help manage conditions including diabetes and hypertension.
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