Fitbit Inc (NYSE:FIT) announced on Tuesday that it is planning to acquire health management platform Twine Health.
Fitbit Inc’s announcement concerning the acquisition of Twine Health doesn’t include the financial details of the deal. However, it does note that the two companies are expecting the acquisition to reach completion during the in the first quarter of the year.
According to Fitbit Inc, once the acquisition of Twine Health is complete the company will join its own Health Solutions group. Twine Health founder Dr. John Moore will also join FIT as the company’s Medical Director.
“Twine Health has delivered powerful results for patients managing conditions like diabetes and hypertension – two key focus areas for Fitbit,” Fitbit Inc CEO James Park said in a statement. “Together, we can help healthcare providers better support patients beyond the walls of the clinical environment, which can lead to better health outcomes and ultimately, lower medical costs.”
Fitbit Inc notes that the acquisition of Twine Health will allow it to expand its business beyond just activity trackers. It can let them enter the healthcare system and offer its services to Twine Health’s 25 million users.
Twine Health was founded back in 2013 and it focuses on coaching patients to help them better manage and overcome healthcare issues. It uses a combination of artificial intelligence and human interaction to drive its users toward better managing their health.
FIT stock was down 2% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
