“More than 12 years ago, we set an audacious company vision – to make everyone in the world healthier. Today, I’m incredibly proud of what we’ve achieved towards reaching that goal. 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,” co-founder & CEO James Park said in prepared remarks. “Google is an ideal partner to advance our mission. 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.”
“Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users,” added Google devices & services SVP Rick Osterloh. “We’re looking forward to working with the incredible talent at Fitbit, and bringing together the best hardware, software and AI, to build wearables to help even more people around the world.”
The deal is slated to close next year, Fitbit said. Qatalyst Partners was financial advisor to Fitbit, with Fenwick & West as legal advisor.
Earlier this week, Reuters, citing “people familiar with the matter,” broke the news of a possible deal between the companies.
In a blog post about the merger, Osterloh wrote that “technology is at its best when it can fade into the background, assisting you throughout your day whenever you need it.”
“Wearable devices, like smartwatches and fitness trackers, do just that—you can easily see where your next meeting is with just a glance of an eye or monitor your daily activity right from your wrist,” he wrote. “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.”