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    Google to buy Fitbit in $2.1-billion deal

    Google to buy Fitbit in $2.1-billion deal

    Google to buy Fitbit in $2.1-billion deal
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    By CNBC-TV18  IST (Updated)

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    The deal represents an aggressive attempt by Google to strengthen its lineup of hardware products, which includes smartphones, tablets, laptops and smart speakers

    Google owner Alphabet Inc is buying US wearable device maker Fitbit Inc for $2.1 billion, as the internet giant eyes a slice of the crowded market for fitness trackers and smartwatches.
    "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," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal. "Google is an ideal partner to advance our mission."
    Alphabet said on Friday it will pay $7.35 per share.
    The deal represents an aggressive attempt by Google to strengthen its lineup of hardware products, which includes smartphones, tablets, laptops and smart speakers, a report by The New York Times said.
    While Google has joined other major technology companies such as Apple Inc  and Samsung Electronics Co Ltd in developing smartphones, it has yet to develop any wearable offerings.
    Fitbit's fitness trackers monitor users' daily steps, calories burned and distance travelled. They also measure floors climbed, sleep duration and quality, and heart rate.
    Fitbit, which helped pioneer the wearable devices craze, has been partnering with health insurers and has been making tuck-in acquisitions in the healthcare market, as part of efforts to diversify its revenue stream. Analysts have said that much of the company's value may now lie in its health data.
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