Fitbit has been bought out by Google company, and the two companies have issued statements stating the completion of the deal. The deal was validated by the EU back in December but the Department of Justice in the US has still not given its nod of approval.
Fitbit CEO James Park issued a statement that the 15,000 crore INR deal has now closed, and Fitbit is now officially part of Google. The acquisition was met with some amount of panic as Fitbit’s user base was not comfortable with Goggle getting access over the health and fitness data. What followed was a long, drawn out process to allay these fears. In order to satisfy regulators, Google made a series of commitments to the EU to prevent the health and wellness data from beings used for targeted marketing and more without user consent. These curbs mostly apply to the EEA but might be applicable globally in the long run.
Both the EU and US Department of Justice were investigating the deal for over a year, and though the EU signed off on the deal in December, there’s no nod from the DoJ. This buy out may have a lot of good outcomes. Fitbit’s algorithms together with Google’s AI will drive smarter health outcomes.