Life360, a renowned family tracking app, is reportedly planning to acquire Jiobit, a company that develops location-based wearable devices, for USD 37 million. This deal could be worth USD 54.5 million if Jiobit manages to meet certain performance metrics within two calendar years.
For those unaware, Jiobit was founded in 2015 and specializes in producing lightweight and compact devices that can be attached to kids' wear, further allowing families to track younger children.
The Chicago-based electronics firm had recently introduced an improved version of the Jiobit which involved a combination of GPS, Wi-Fi, and Bluetooth connectivity as well as sensors such as barometer, temperature sensors, and pedometers among others.
Jiobit’s advanced antenna system is particularly designed to improve performance inside buildings and other environments. The new device is also waterproof and has better battery life.
Meanwhile, Life360 has been making significant momentum over the years, especially among parents. The company had also introduced various features such as ‘bubbles’ that enable kids to share generalized whereabouts instead of a specific location after receiving some criticism from teenagers.
The co-founder and CEO at Life360 Chris Hulls was quoted saying that the company always intended to expand into wearable devices. Jiobit is known for its advanced devices for tracking seniors, younger children, and pets and its acquisition will allow Life360 to emerge as a market leader in terms of both hardware as well as software, he added.
Adding Jiobit to its family safety membership will allow them to track other family members and pets using the Life360 mobile app’s map interface. Sources confirmed that premium members will also get a discount while purchasing Jiobit apart from their subscription.
Life360 claims to have around 26 million monthly active users in 195 countries by the end of 2020.
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