Life360 to acquire Jiobit to expand location capabilities

Life360 announced the signing of a non-binding term sheet for the potential acquisition of Jiobit , a Chicago-based provider of wearable location devices for young children, pets, and seniors.

The consideration for the potential acquisition is $37 million primarily in stock and debt, with the possibility that the price could increase to up to $54.5 million if certain performance metrics are achieved in the two full calendar years following completion of the deal.

The potential acquisition would accelerate Life360’s entrance into new markets, including children under ten, the multi-billion dollar pet supplies and services, and the eldercare market. Jiobit’s wearable devices would be incorporated into Life360’s family safety membership, which provides holistic protection for driving, physical, and digital safety. Premium Life360 members would get discounted access to Jiobit devices, and post-integration, family members and pets wearing Jiobit devices would appear on a single unified family map interface.

“We’ve long wanted to expand beyond the smartphone into wearable devices, and Jiobit offers the market-leading device for pets, younger children, and seniors . With Jiobit, Life360 would be the market leader in both hardware and software products for families once the deal closes. We will continue to seek out additional opportunities that could further cement our position as the leading digital safety brand for families.” – Chris Hulls, CEO and co-founder of Life360.

“Life360, as the leading smartphone platform for families, is the natural home for Jiobit. We have the same shared long-term vision around the future of the digitally native family, and this rollup is a natural accelerator. We’re excited to gain access to Life360’s large user base and have access to new resources that will let us ramp up our growth, new product development, and expansion into additional verticals.” – John Renaldi, CEO and co-founder of Jiobit.