Location-sharing app Life360 has wrapped up the previously announced acquisition of wearable location devices provider Jiobit in a deal worth up to $54 million.

The stock and debt deal was announced by the San Francisco-based Life360 in April 2021. As per the terms, the consideration is $37 million with an additional 17.5 million to be paid based on achieving certain performance metrics within two years after the closing of the deal.

Based in Chicago, Jiobit makes its location devices for young children, seniors, and pets.

Life360, which is listed on the Australian Securities Exchange (ASX) said that the acquisition will bolster its position as the top family safety platform. Besides, the addition of Jiobit will help the location-sharing app expedite its foray into rapidly growing new markets, including children under ten, the elder care market, and pet supplies and services.

The wearable location devices of Jiobit will be incorporated into the family safety membership of Life360.

The family safety membership is said to offer comprehensive protection for driving, physical, and digital safety.

Furthermore, premium Life360 members will get discounted access to Jiobit’s devices, and after integration, family members and pets wearing the devices will appear on a single unified family map interface.

  Chicago, Jiobit, Life360, San Francisco, USA