Fitbit Inc., the fitness band maker, has recently acquired software assets and intellectual property from California based Pebble Technology Corp. First launched in 2012 on Kickstarter and gained fame for being a wildly successful crowdfunded project, Pebble produced utilitarian smartwatches, with their “e-paper” displays and relatively long battery life. They say the deal makes obvious that Fitbit is going to totally immerse into the smartwatch market, extend its leadership position in the wearables category and compete with Apple smartwatches.
Fitbit didn’t disclose the terms of the acquisition but the price amounts to no more than $40 million. By the way, last year Japanese Citizen proposed $140 million, the Intel suggested $70 million but Pebble denied. However numerous debts of the company do not let it stay the course anymore and the biggest part of the deal price will be dedicated to debt repayment. Pebble founder and CEO Eric Migicovsky will not be staying on with Fitbit after the acquisition. About 40% of employees of the company will join Fitbit staff. Pebble will no longer produce or sell new hardware under its brand.
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