2019 was a year of acquisitions in which several small and large deals were announced. Alphabet’s (NYSE: GOOGL) subsidiary Google also made a few strategic transactions this year to improve its product offerings.
In November, the search giant agreed to acquire wearables maker Fitbit Inc. (NYSE: FIT) for $2.1 billion. The transaction is expected to close next year. This deal is part of Google’s efforts to broaden its footprint in the wearables market that is currently ruled by Apple (NASDAQ: AAPL) and Garmin (NYSE: GRMN).
In June, Google announced its decision to acquire data-analytics firm Looker for $2.6 billion. After the close of the deal, Looker will join Google Cloud. The transaction is expected to help expand Google’s cloud capabilities. Regulators in the UK are said to be reviewing this transaction to determine whether it would affect competition in the country or in other markets.
In January, Google acquired smartwatch technology worth $40 million from Fossil Group (NASDAQ: FOSL). A part of Fossil’s team working on the technology was also transferred to Google. This deal was also aimed at boosting Google’s capabilities in the wearables market.
In Alphabet’s most recent quarter, revenues from the Google segment increased 20% year-over-year. Google other revenues, which include Google Cloud, increased 39% year-over-year. Alphabet’s shares have gained 30% this year. The company has a market cap of $939 billion. The stock was up 1.3% in afternoon hours on Thursday.