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| Tile sells its bluetooth tracking business |
Home communication service Life360 has acquired the Missing Tracker Tile, which can rival Apple's AirTag.
The deal is valued at $205 million, and under current CEO Charles Propper, Tile will continue to operate as its own brand.
The company said the Tile team has no further changes planned at this time and that Charles Propper will also join the Life360 board of directors.
This is the second acquisition of Life360, which acquired GPS maker Jiobit for $37 million earlier this year.
The company then said its goal is to expand its family tracking capabilities beyond smartphones that can run the app, such as toddlers, children with special needs, and pets.
However, in Tile's case, the company believes it's possible to expand its business to include a broader range of solutions beyond home tracking to find the people, pets, and things that matter most to the family.
The company envisions a full service offering a unified platform through which users can track family members and stay connected. However, you can also use Tile's website features to keep track of its items such as wallets, keys, remote controls, etc.
Tile has also partnered with over 50 different third-party devices. From wireless headphones to laptops to dog collars, this also makes this offering even more valuable.
It also maintains an extensive search network that uses the installation rules of Tile owners running the Tile mobile app to find items outside of Bluetooth range.
To date, the company has sold more than 40 million devices and has more than 425,000 paying customers. However, the total number of active users has not been disclosed.
Tile need more money to compete with Apple
According to Life360, the search network is expected to be ten times larger with 33 million smartphone users.
This acquisition is an important step for Life360 to become the world's leading platform for location and security services.
Since Apple launched AirTag, the company's future has been in jeopardy. The company recently updated its line of products, including its closest competitor, AirTag, which operates on ultra-wideband. It's about staying ahead of the competition.