James Park, the Korean American co-founder and CEO of Fitbit, has joined forces with Google in an all-cash deal worth $2.1 billion, the two tech giants announced on Friday.
“With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone,” Park said in a statement.
Google will not use health and wellness data from Fitbit for ads, but future devices will now run Wear OS, the Mountain View, California company’s software for smartwatches.
Google will pay $7.35 per share in cash to acquire Fitbit. The San Francisco-based company reached an all-time high share price of $51.90 on Aug. 5, 2015, months after it went public with its stocks at $30.40.
The deal is set to close in 2020, pending approval by Fitbit’s stockholders and regulators. Fitbit said that its devices will remain “platform-agnostic” across Android and iOS.
Fitbit has sold over 100 million devices, giving personalized guidance and coaching to millions of users.