The New York connected-fitness company said it purchased the companies “to add talent and technology,” to its brand, Bloomberg News reported.
The publication reported that in a recent regulatory filing, Peloton said it paid $78.1 million cash for the three companies.
Through the acquisitions, Peloton is looking to expand its current product lineup and introduce new products.
-- Aiqudo developed an AI-powered digital voice assistant, which can “add voice actions to apps and devices.”
-- The “fitness-oriented smartwatches” Atlas Wearables developed can “guide users through workouts and gauge performance.”
-- Otari’s “interactive workout mat” works “with its own screen.”
Employees from the acquired companies are expected to join Peloton.
Chief Executive John Foley told Bloomberg that the new products might include a rowing machine and a strength-training device.
Having seen demand for its products jump during the pandemic -- when athletes, fitness buffs and everyone else were stuck at home -- Peloton has used the opportunity to expand to new markets and invest in its supply chain to boost production.
The fitness company in November acquired intellectual property from the digital health company Peerfit. And in December, Bloomberg reported, Peloton said it would buy the fitness-equipment supplier Precor for $420 million.
Prior to that, Peloton acquired Gossamer Engineering in 2019. The firm is known for helping Google (GOOGL) - Get Alphabet Inc. Class A Report and Facebook (FB) - Get Meta Platforms Inc. Class A Report design hardware.
At last check Peloton shares were trading 3.7% higher at $113.64.