Google buys Fitbit for $2.1 billion with ‘opportunity to invest even more in Wear OS’

Ben Schoon | Nov 1 2019 - 6:09 am PT

After reports last week, Google has confirmed this morning that it will acquire Fitbit for the sum of $2.1 billion…

Rick Osterloh put out a post today on Google’s blog to confirm that Alphabet has entered a “definitive agreement” to acquire Fitbit as it looks to bolster its wearables offering. Osterloh specifically mentions that the company is looking to “invest even more” in its Wear OS platform with this acquisition and bring Made by Google wearable devices to the market.

Over the years, Google has made progress with partners in this space with Wear OS and Google Fit, but we see an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market. Fitbit has been a true pioneer in the industry and has created engaging products, experiences and a vibrant community of users. By working closely with Fitbit’s team of experts, and bringing together the best AI, software and hardware, we can help spur innovation in wearables and build products to benefit even more people around the world.

CNBC reports that Alphabet will shell out around $2.1 billion to acquire Fitbit which has become a leader in the wearable space, managing to hold its own against the Apple Watch and beat out Google’s own Wear OS to a healthy margin too.

Addressing privacy concerns, Osterloh says that, with wearables, Google will “be transparent” about the data they collect and why that data is collected. Google will not sell personal data to anyone and Fitbit health and wellness data will not be used for Google ads either. Fitbit users will also be given the choice to review, move, or delete their data.

Looking forward to working with @parkjames & the really talented team @fitbit, excited about what we can do together! https://t.co/qkWUnrMKVB

— Rick Osterloh (@rosterloh) November 1, 2019

In a press release, Fitbit co-founder and CEO James Park calls Google “an ideal partner” to advance Fitbit’s mission. He says:

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.

Google’s acquisition of Fitbit is expected to close in 2020 and will be subject to closing conditions and regulatory approvals.