© Fitbit General | October 30, 2019
Alphabet Inc. circling the wearable devices market
Google owner Alphabet Inc. has reportedly made an offer to acquire wearable technology and smartwatch company, Fitbit Inc.
This would be an indication that the company is considering joining electronics technology giants like Samsung and Apple in the increasingly crowded wearable electronics field, Reuters is reporting while citing people familiar with the matter. This is not the first time the tech-giant is looking at the wearable electronics market. In January, Fossil Group said it would sell its smartwatch technology currently in development to Google for USD 40 million. Google has not commented on its intentions for that property. Details of Alphabet’s offer to FitBit were not disclosed, and representatives from both companies declined Reuter’s invite to comment. However, market response to the news of a possible deal was favorable, with Alphabet’s shares going up 2% and Fitbit shares rising 27%.