Manufacturer of location trackers and foremost of Apple Inc (NASDAQ:AAPL) critics, Tile Inc, has been acquired by San Francisco-based Life360, Inc (OTC:LIFX).
What Happened: Life360 announced in a statement released Monday that the deal to acquire Tile is valued at $205 million and expected to close in the first quarter of 2022.
After the deal is closed, Tile would continue to operate under its own identity and continue to be led by CEO CJ Prober, who would join the Life360 board of directors. The tile team is expected to stay in place.
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Why It Matters: Tile has criticized the Tim Cook-led tech giant on more than one occasion, accusing the latter of anti-competitive behavior.
Tile’s products compete with Apple’s AirTags; both companies make devices that help users locate lost items through Bluetooth technology.
In April, Apple opened up its “Find My” network to third-party companies but it was reported earlier that Tile does not want to give up its direct relationship with its users through its own application.
Tile forged a partnership with Amazon.com, Inc (NASDAQ:AMZN) this summer, which would allow Amazon Echo and Ring devices to extend Tile’s network coverage through its Sidewalk Bluetooth network.
Apple, which sold Tile’s products in its Apple Stores previously began to distance itself from the former as it began readying its own rival tracking product, reported Reuters, citing congressional testimony from Tile executives.
The executives said that Apple made technical changes that made it difficult to pair Tile products with iPhones.
Price Action: On Monday, Apple shares closed nearly 0.3% higher at $161.02 in the regular session and rose 0.3% in the after-hours trading. On the same day, Life360 OTC shares closed unchanged at $10.50.
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Photo: Courtesy of Tony Webster via Flickr