Alphabet in talks to acquire Fitbit
There is no certainty that the deal will actually take place
Google's parent company Alphabet is trying to buy US wearable device maker Fitbit, according to Reuters.
Sources familiar with the matter told Reuters that there was 'no certainty' that the deal would actually take place. It is also unclear how much Google has offered to pay for Fitbit.
Headquartered in San Francisco, California, Fitbit is known for making activity trackers and wireless-enabled wearable devices that help users to monitor their daily steps, floors climbed, distance travelled and other fitness metrics.
A deal with Google could provide Fitbit with a much-needed boost in a market that is largely dominated by Apple. In July, the company cut its projected earnings for the year, citing disappointing sales of its new lightweight smartwatch Versa Lite.
Fitbit is currently exploring new partnerships with health insurers and acquisitions in the healthcare market, in a bid to diversify its revenue stream.
In August, the firm announced that it had signed a deal with the Singapore government to provide fitness products and services for a health programme that could eventually reach up to 1 million users.
Google is also seeking a bigger role in the crowded market for smartwatches and fitness trackers. The internet giant started producing smartphones a few years back, but it has yet to develop any wearable offerings.
Google licenses its Wear OS, an operating system for wearables, to companies such as LG, Fossil and TicWatch, but has struggled to compete with Apple - the leading player in the fitness-tracking space with its Apple Watch.
Last year, Google hired former Geisinger Health CEO David Feinberg to strengthen its healthcare strategy, and earlier this year paid Fossil $40 million to purchase an undisclosed new smartwatch technology. A product is yet to hit the market.