Life360 (ASX:360) share price jumps 9% to record high on acquisition news

The Life360 Inc (ASX: 360) share price has been a strong performer on Tuesday morning.

At the time of writing, family safety app company’s shares are up over 9% to a record high of $5.72.

Why is the Life360 share price on fire today?

Investors have been scrambling to buy the company’s shares this morning after it announced a potential acquisition.

According to the release, the company has entered into a non-binding term sheet for the acquisition of Jiobit for US$37 million. This could increase to US$54.5 million if certain performance targets are achieved in the two full calendar years following completion.

What is Jiobit?

Jiobit is a provider of wearable location devices for young children, pets, and seniors. It provides…