Fitbit now confirms in a press release that they will be acquired by Google. The deal is worth a cool $ 2.1 billion.
Fitbit is known for its bracelet that measures fitness data, and this niche product fills a gap in Google's otherwise quite extensive product portfolio.
Fitbit CEO James Park says in a press release that the company's vision is "to make everyone in the world more healthy" and that Google is an ideal partner to succeed.
With Google's resources and global platform, Fitbit can accelerate the pace of innovation in wearables, we can scale up faster and make health even more accessible to everyone.
Google Hardware Executive Rick Osterloh says Fitbit is a pioneer in the industry and that they have created excellent products, experiences and a vital user base. The merger would give the company an opportunity to release its own wearable device.
Watch the video below from CNBC in which experts Joanna Stern of The Wall Street Journal and Dennis Berman of Lazard discuss Google's move to buy Fitbit for $2.1 billion.
Fitbit will continue to be a ”platform-agnostic" and will support both Android and iOS, the company said in the press release.
The deal is expected to close next year, but requires approval from Fitbit's shareholders and permission from antitrust authorities.