Google buys Fitbit for US$2.1B, enters crowded wearables field

Fitbit is being acquired by Google for about US$2.1 billion, a deal that enables the internet company to step back into the hotly contested market for smartwatches and health and fitness trackers. Fitbit is a pioneer in wearable technology, but it's been shredded by that competition. Its market capitalization soared to just under $10 billion after becoming a public company in 2015. Its value this week is well below $2 billion. Google has struggled to stake out a presence in the wearables market.