Fitbit explores possibility of sale as competition crawls up, shares soar

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Fitbit explores possibility of sale as competition crawls up, shares soar

San Francisco, CA-based American wearable device maker, Fitbit Inc., found back in the 2007s, had been in an advanced stage talk with an investment bank about possibility of a potential sell-off of the company as the high-tech firm engaged in wearable technology devices had been facing off steep market competition from larger rivals, at least three people knowledgeable on the subject-matter had revealed on Friday, the 20th of September 2019, on condition of anonymity as the sources were not authorized to speak about the issue in public.

In point of fact, Fitbit Inc. which had been long-cherished over a swath of high-tech consumer products ranging from activity trackers to data measurement tools to personal fitness metrics, had been finding it extremely difficult to grapple with a highly clogged smartwatch industry, as Cupertino-based Apple Inc.

alongside South Korea’s Samsung electronics had cornered Fitbit Inc. by launching a number of more sophisticated wearable devices. On top of that, followed by the reveal of the news, the San Francisco-based company’s share snowballed more than 22 per cent on Friday’s (September 20th) market closure to settle down at $4.48 per share, proffering the company a market valuation of $1.1 billion.

Meanwhile a source directly briefed over the latest development had been quoted saying that the heavily besieged Fitbit Inc. had been holding discussion over a potential sell-off of the company with CA-based tech-focused boutique investment bank, Qatalyst Partners.