Fitbit, a company that pioneered in the wearable category with its robust hardware and software is now a part of a Google company. In an open letter shared by Fitbit to all its phenomenal 28 million Active users about that it has entered into a definitive agreement to be acquired by Google LLC for $7.35 per share in cash, valuing the company at a fully diluted equity value of approximately $2.1 billion.
I have watched Fitbit start and had met James & Eric in CES couple of times and it was one hell of an impressive journey in all its 12 years. With billions of calories burned into dollars now has an impressive finish to its healthy marathon.
Excerpts from the letter:
Dear Valued Fitbit User,
Over 12 years ago, my co-founder, Eric Friedman, and I founded Fitbit with the vision of making the world healthier. I’m excited to share the next step in achieving that vision with you today. Fitbit has entered into a definitive agreement to be acquired by Google. Read the full press release here.
What does this mean for you? For the immediate future, nothing changes. But the goal is that with Google’s resources and global platform, we will be able to innovate and bring you, and our millions of other users around the world, even more great products and services to support you on your health and wellness journeys. We know no one size fits all, so we are still dedicated to providing choice through a broad range of devices, software and services, and will continue to support both Android and iOS operating systems.
You, our users, are at the center of everything we do, and it’s important that you know that your trust is central to our mission and has been since day one. This will not change by joining Google. We are committed to the same strong data privacy and security protections. You will always be in control of your data, and we will remain transparent about the data we collect and why. We never sell your personal information, and Fitbit health and wellness data will not be used for Google ads.
Today’s announcement is just the first step in this process. The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.
When Eric and I started Fitbit, we could never have imagined the incredible community Fitbit would have today. Fitbit has more than 28 million active users around the globe and everything we do comes from our commitment to your health and wellbeing. None of this would be possible without you. So, my sincere thanks to you for being a loyal customer. I look forward to the next phase of our journey together!
CEO, President & Co-Founder