Alphabet Inc-owned Google will buy Fitbit Inc for $2.1 billion, as the biggest W...
- Alphabet Inc-owned Google will buy Fitbit Inc for $2.1 billion, as the biggest Web search company looks to take on Apple and Samsung in the crowded market for fitness trackers and smart watches.
Fitbit’s fitness trackers and other devices monitor users’ daily steps, calories burned and distance traveled. They also measure floors climbed, sleep duration and quality, and heart rate. Xiaomi dominates the global wearables market, with a 17.3% market share in the second quarter of 2019, followed by Apple. Fitbit owns 10% of the market, according to data from market research firm International Data Corp.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.
Fitbit has raised privacy concerns in the past: In 2011, the sexual activity of people using the health and fitness tracker was found to be publicly accessible online. Fitbit brings to the deal partnerships it has struck with some large drug companies. In October, Fitbit announced a collaboration with Bristol-Myers Co and Pfizer Inc on early detection of irregular heartbeat, or atrial fibrillation, on its devices.
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