Fitbit (FIT) Stock Rises After Acquiring Mobile Payments Technology
NEW YORK (TheStreet) -- Fitbit (FIT) - Get Report stock is up 0.35% to $14.22 in late morning trading on Wednesday after the fitness tracker manufacturer announced the acquisition of the mobile payments assets from Coin, a consumer electronics and financial technology company.
The transaction, which closed on May 12, included personnel and intellectual property related to Coin's wearable payments platform. Terms of the deal were not disclosed.
"The inclusion of [Coin's] payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people's lives," Fitbit CEO James Park said in a statement.
San Francisco-based Fitbit does not have any immediate plans to integrate the wearable payments technology into its products this year, but "the acquisition accelerates Fitbit's ability to develop an active NFC payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities," the company explained in the statement.
NFC, or near-field communications, is the technology that enables mobile payment software, including Apple (AAPL) Pay and Android Pay (GOOGL).
Additionally, in China today, Fitbit launched its latest products, the Blaze and the Alta.
