Fitbug up 2,233%

Fitbug's supersonic surge over the past few weeks received a fresh boost Friday after electronics giant Samsung said it will include the UK company's KiQplan digital coaching product on its Digital Health platform. That had shares in Fitbug, which sells wearable devices to help monitor fitness, up by as much as 50% to a record high at 8.75p.

It's hard to believe that just a month ago the company's stock was changing hands for a meagre 0.375p. They're now up 2,233%, and the Samsung news is clearly a fillip. Samsung Electronics (UK) announced the KiQplan deal as part of the keynote address at the Samsung Developer Conference in San Francisco. Fitbug spent heavily on KiQplan, so its launch last week is hugely significant.

As well as the existing range of KiQplan applications in the Samsung Digital Health Platform - Slim & Trim, Beer Belly Blaster, Healthy Baby Bump and Goodbye Baby Bump - Fitbug will create an exclusive 12 week KiQplan called "Fit + Healthy", which will be available for download by Samsung customers, free of charge.

"We are incredibly excited that KiQplan will be joining the applications already available on the Samsung Digital Health Platform," said Lee Epting, vice president of Samsung Electronics Media Solution Center Europe. "Monitoring fitness and wellness are key priorities for a significant number of our customers. Bringing Kiqplan on board will deliver a number of new and enhanced features that will give these users even greater control, insights and motivation to achieve their lifestyle goals."

Fitbug boss and founder Paul Landau reckons this tie-up "should help quickly build KiQplan brand awareness and establish a user base that provides a great opportunity to sell follow on KiQplans to satisfied Samsung users."

Last week, retailer Target began selling KiQplans for $19.99 in its US stores. And both the American firm and supermarket chain Sainsbury's said last month theywill begin stocking Fitbug's wearables ranges from November, in time for the crucial pre-Christmas rush.

We had a go at valuing Fitbug recently (there are currently no broker forecasts), but as we said at the time, "first sales figures for Fitbug products from both Target and Sainsbury's, and a guide to demand for KiQplan, will give us a much better idea of prospects."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.