California-based Life360 is in the process of acquiring Tile in a deal valued at around $ 205 million (approximately $ 260 million Canadian).
The acquisition, which is likely to come as a result of growing competition in Apple’s Bluetooth trackers market and its AirTag, will see Tile CEO CJ Prober retain his position and join the Life360 board of directors.
Life360 is a family security and tracking app that was also recently acquired by Jiobit, an item-locating hardware startup that creates cell-connected trackers for kids and pets.
“This acquisition marks a key step toward Life360’s achievement of its vision to be the world’s leading platform for security and location services,” said Chris Hulls, co-founder and CEO of Life360, in a statement.
Life360 says it sees the acquisition as an opportunity to expand the business not only in the ‘family tracking’ market, but also to locate “people, pets and things they love, all from one mobile platform.”
– Tile (@TheTileApp) November 23, 2021
“We will be bundling Tile devices as part of our membership plans, and Tile will offer Life360 membership benefits to its customers. We will also begin to work on integrating our technologies so that customers of Tile devices, Jiobit wearables and Life360 applications appear on a unified map: people, pets and things in one place, ”Hulls said in a blog post.
Additionally, Life360’s 33 million already established smartphone users are expected to expand Tile’s network by 10 times.
This comes shortly after Prober announced that they increased revenue from their line of Bluetooth tracking devices. Last month, Tile revealed its revamped lineup, including the new Mate, Sticker, and Pro trackers.
Image Credit: Life360