Alphabet Inc., the owner of Google, said on Monday that the company has made an offer to acquire Fitbit Inc., a wearable device maker from the U.S. As Alphabet wanted to capture the market for fitness trackers and smartwatches.
There is no predictable result that the negotiations between Fitbit and Google will lead to any agreements. Both Google and Fitbit declined to comment.
A deal for Fitbit may come as its domineering share of the fitness tracking sector continued to take away by cheaper offerings from other companies like China’s Xiaomi Corp. and Huawei Technologies Co. Ltd.
The fitness trackers of Fitbit can monitor its users’ distance traveled, calories burned, and daily steps. This can also measure heart rate, floors climbed, as well as sleep duration and quality.
Fitbit mentioned that the company had signed an agreement with the government of Singapore to provide users their fitness trackers and services in a health program.
In August, Fitbit launched Versa 2, the company’s latest smartwatch that has Amazon.com Inc’s voice assistant Alexa. Fitbit will set to report its Q3 earnings on November 6.
According to Fossil Group Inc., the company would sell its intellectual property to Google for $40 million that was related to smartwatch technology that was under development. Fitbit may not be considered to be the first deal that Google has negotiated in terms of wearables space.
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