Nov. 1 (UPI) -- Google's parent company Alphabet announced Friday it is buying the wearable tech Fitbit for $2.1 billion, putting it in one-on-one competition with Apple in the fitness tracking market.
Alphabet is paying $7.35 per share for Fitbit, sending the wearable fitness company's stock soaring 17 percent Friday morning.
"We believe technology is at its best when it can fade into the background, assisting you throughout your day whenever you need it," Rick Osterloh, Google's senior vice president of devices and services, said in a statement.
"Wearable devices, like smartwatches and fitness trackers, do just that. You can easily see where your next meeting is with just a glance of an eye or monitor your daily activity right from your wrist," he continued.
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Fitbit said the purchase is expected to be done next year, subject to closing conditions and approval by Fitbit's stockholders.
"More than 12 years ago, we set an audacious company vision -- to make everyone in the world healthier," James Park, co-founder and chief executive of Fitbit said in a statement. "We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life.
"Google is an ideal partner to advance our mission. With Google's resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone," he added.
Fitbit tried to answer questions about the security of data, an issue that has haunted Google in recent years.
"Fitbit will continue to put users in control of their data and will remain transparent about the data it collects and why," the company said in its statement. "The company never sells personal information, and Fitbit health and wellness data will not be used for Google ads."
