The parent company of Google is in talks to purchase Fitbit, the company behind a line of wearable fitness trackers, Reuters reports.
People familiar with the matter told Reuters on Monday that Alphabet Inc., the owner of Google, made an offer to acquire Fitbit. The source cautioned, though, that the negotiations may not lead to a deal.
The Reuters report did include a price for the reported offer.
Fitbit declined to comment when contacted by The Hill. A Google spokesperson was not immediately available when contacted by The Hill.
Fitbit’s stock went up more than 30 percent following the report, CNN Business reports.
Apple, a rival company to Google, is leading the global smartwatch market, according to a Strategy Analytics report from August. The report found that Fitbit had slumped to third in the field, behind both Apple Watch and Samsung.
Fitbit sells a range of wearable fitness tracking devices that measure steps, heart rate and calories burned, among other features. The devices can also notify users of incoming calls and text messages, among other notifications, similar to Apple’s smart watches.
Google has yet to enter the wearable devices market, but Google does have a health and activity tracker app called Google Fit.