Peloton has been making a spree of purchases in recent months, and rumors are now swirling that it has purchased another wearables company.
The latest rumor is that Latitude 32 has been acquired by Peloton. First spotted by Bob Treemore, Latitude 32 was founded in 2013 with a $150,000 investment. In recent months, 17 employees report working for Peloton on their LinkedIn profiles. In addition, Tim Wiley, the former president of Latitude 32, is now a Vice President of Hardware at Peloton.
On Latitude 32’s website, here’s the official description of the company:
Latitude 32 Engineering is a consumer electronics product development company that partners with customers ranging from aspiring entrepreneurs to global brands. L32e prides itself on a team of experienced engineers who have spent decades working at companies like Nokia, Motorola, Microsoft, and Apple. Drawing upon a foundational understanding of the component and integration intricacies for these technologies, Latitude 32 spearheads the design and development of any type of consumer electronic device.
Latitude 32’s primary strength lies in the ability to successfully bring products to market. L32e works diligently to provide valuable insights to customers lacking experience in this arena as a trusted partner and advisor.
During the three months ended December 31, 2020, the Company completed three separate transactions to acquire certain software, developed technology, and an assembled workforce for use in the development of the Company’s connected fitness products and services, for total net cash consideration paid of approximately $78.1 million, inclusive of $2.4 million of direct transaction costs. The
It’s clear Peloton has hardware ambitions outside of Bikes and Treads, and I firmly believe we will see a Peloton wearable in the future.