Wearable device company Fitbit is reportedly thinking about putting itself up for sale.
Within a month of announcing its latest wearable device, Fitbit may be looking for a new owner. According to a Reuters report, Fitbit is in early talks with the boutique investment bank Qatalyst Partners about a sale.
The device maker has struggled to compete with smartwatch giants like Apple and Samsung and sources familiar with the situation say Fitbit has been exploring options for several weeks.
Fitbit is still undecided about a sale, but Qatalyst has been arguing it could attract interest from private equity firms or potentially Google owner Alphabet Inc.
Fitbit launched its latest smartwatch Versa 2 with a feature that includes features like Amazon’s voice assistant Alexa, online payments, and music storage on the device.
In August, Fitbit said it signed a contract with the Singapore government to provide fitness trackers and services in a health program it said could reach up to 1 million users.