Google has made a bid to buy Fitbit, one of the most well-known wearable manufacturers in the world, according to a report from Reuters. Though there"s no sort of confirmation that a deal will be struck between the two companies, the move could help Google enter the smartwatch market with a device of its own, rather than relying exclusively on partner devices running Wear OS.
The news comes as Fitbit seems to be looking for investors interested in buying the company. Despite maintaining overall growth, Fitbit"s market share has been decreasing over the past year or so, with companies such as Samsung outpacing its growth.
It"s an interesting turn of events for Fitbit, which has absorbed a number of different companies throughout the years. In late 2016, it acquired rival company Pebble, and soon after, it also purchased Vector, another smartwatch maker. Additionally, it"s also bought Coin, a credit card company, and most recently, Twine Health.
To blame for Fitbit"s disappointing results, apparently, is the Versa Lite, a cheaper version of its Versa smartwatch. It"s only $40 cheaper than the much more feature-packed Versa 2, and it doesn"t offer things such as internal storage for music, for example.
Whether an acquisition by Google can reverse the downward trajectory of Fitbit is something that remains to be seen. The Mountain View giant has had some trouble getting its wearable platform going, and as recently as last month, it was reported that the company is no longer pursuing smartwatch development. Of course, there"s always a chance that someone else will strike a deal with Fitbit.