Fitbit acquires software assets from smartwatch maker Pebble

Following reports, Fitness wearable maker Fitbit on Wednesday officially announced that it is acquiring specific assets of Pebble that includes key personnel and intellectual property related to software and firmware development.

Pebble also confirmed the deal in a separate statement, noting that it will no longer operate as an independent company. It will shut down operations and no longer make smartwatches, selling  software and other assets to Fitbit. "many members of Team Pebble will be joining the Fitbit family to continue their work on wearable software platforms." said Pebble

However, the financial terms of the deal were not disclosed, but according to Bloomberg, the deal is worth $40 million (Rs. 270 crores).

"With this acquisition, we're well positioned to accelerate the expansion of our platform and ecosystem to make Fitbit a vital part of daily life for a wider set of consumers, as well as build the tools healthcare providers, insurers and employers need to more meaningfully integrate wearable technology into preventative and chronic care." said Fitbit

The deal is not looking good for Pebble's customers. Pebble has cancelled orders for the upcoming Pebble Time 2 and Pebble Core and mentions that warranty support is no longer available. Full refund will be issued to Kickstarter backers who are awaiting for their orders within four to eight weeks.

Source 1 | 2