Fitbit shares skyrocket 27% as Google owner tables bid

Google’s parent company has made a bid to aquire smartwatch giant Fitbit as it seeks to enter the lucrative wearables market.

Alphabet is understood to have tabled an offer for the company for an undisclosed sum, according to Reuters.

New of the potential takeover sent shares skyrocketing 27 per cent, while Alphabet’s shares also jumped two per cent.

Though there is no certainty a deal will transpire backing from Alphabet could help Fitbit, which largely pioneered the wearable device movement, prevent its market share of the fitness tracker market being eaten away by rivals.

READ MORE: Fossil sells smartwatch technology to Google for $40m

In January Fossil has agreed to sell its “smartwatch technology currently under development” to Google in a deal worth $40 million (£31 million).

Fossil, which already sold a range of smartwatches that incorporate Google’s Wear OS technology, said that smartwatches have become its fastest growing category.

Though Google has ventured into the smartphone and smart device market fairly successfully, it has fallen behind its tech rivals like Samsung and Apple in the wearables market.

Fitbit devices can accurately track a wearer’s heart rate, daily steps, calories burned, distance travelled and even sleep duration, presenting the information in an app on the user’s phone.

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