Google to buy FitBit for $2.1 billion

November 04, 2019 | InsureTech

Written by FinTech Alliance

Google to buy FitBit for $2.1 billion

The move intensifies the battle among tech giants to capture consumers through devices other than smartphones.

In Brief:

  • Fitbit shares rose more than 15% to $7.14 on news of the deal
  • The deal comes when Google and other tech giants are under scrutiny over competitive practice and privacy concerns. 
  • It also makes Alphabet a central player the fast-growing Insurtech sector

What does this mean?

In recent years a number of major health insurance providers have tied their coverage and premiums to consumer's use of wearable technology. By acquiring FitBit Google has placed itself at the heart of the technological transformation of health insurance and the wellness industry.

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