For The Record April, 2020
On November 1, 2019, Fitbit announced that it had entered a definitive agreement to be acquired by Google for $2.1 billion in cash, or $7.35 per share.
Founded by CEO James Park in 2007, Fitbit has found success in the wearable technology market. The company experienced rapid growth from its inception, and has since sold more than 90 million wearable devices, boasting 28 million active users as of 2019. These wearable devices have been capturing personal health information such as heart rate and daily step count from a wide userbase.
With the business acquisition, Google will obtain all of Fitbit’s information, representing a significant opportunity for the technology giant to advance health care through the use of artificial intelligence (AI)...
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