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Google Buys Fitbit for $2.1 Billion, Stepping Back into Wearables

Associated Press

   Fitbit is being acquired by Google's parent company for about $2.1
   billion, a deal that enables the internet company to step back into the
   hotly contested market for smartwatches and health and fitness
   trackers.
   Fitbit is a pioneer in wearable technology, but it's been shredded by
   the competition. The company's market capitalization soared to just
   under $10 billion after becoming a public company in 2015. Its value
   this week is well below $2 billion.
   Google has struggled to stake out a presence in the wearables market.
   Its years-earlier foray into smartwatches that used its Android Wear
   software has largely faded. This deal could give it more of an
   opportunity to compete with the Apple Watch.

   "Google doesn't want to be left out of the party," said analyst Daniel
   Ives of Wedbush Securities. "If you look at what Apple has done with
   wearables, it a missing piece of the puzzle for Google."

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