Tile, who recently became the competitor of Apple thanks to the release of the company’s AirTags, has been acquired by Life360. The acquisition announcement came on Monday and will enable a cross-platform solution, enabling users to find and track lost items and pets over a bigger network.
$205 Million Deal Is Expected to Close in the First Quarter of 2022
Details of the acquisition state that Tile will retain its identity and continue to operate under CEO CJ Prober, who will also join Life360’s board of directions thanks to the $205 million deal. The announcement comes a day after Prober mentioned that AirTags continue to deliver unfair competition, though it was this very release that aided Tile in posting significantly high revenues. With the acquisition, Prober says the following.
Life360’s co-founder and CEO, Chris Hulls believes that the acquisition of Tile will provide a more effective solution for users to locate their missing items and pets.
Life360 currently has 33 million users and with Tile added to the existing team, that reach is expected to increase considerably. Life360 will also have access to around 27,000 retail stores, where Tile products are currently being sold. Perhaps the goal would be to dethrone Apple’s Find My network, which will be aided through an acquisition that took place before Tile was in the picture and that was of Jiobit.
What goals do you think Life360 and Tile have for the future? Tell us down in the comments.
News Source: PRnewswire
