FIT - 3 Factors in Google's Acquisition of Fitbit
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Google parent Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) announced in early November that it is acquiring the wearable technology company Fitbit (NYSE: FIT) in an all-cash deal worth $2.1 billion. While a lot of people are excited about where Google can take Fitbit with all of its available resources and expertise, others have major concerns.
There has been a lot of talk in recent years about the potential in the wearables market. To date, smartwatches have been the only wearable technology that has really taken off. The likes of smart clothing, head-mounted displays, and implantable smart devices still have a long way to go before being a major part of most people's lives.