8 years, 4 months ago

Fitbit buys software assets from smartwatch start-up Pebble

San Francisco: Fitbit Inc., the fitness band maker, has acquired software assets from struggling smartwatch start-up Pebble Technology Corp., a move that will help it better compete with Apple Inc. The deal is mainly about hiring the start-up’s software engineers and testers, and getting intellectual property such as the Pebble watch’s operating system, watch apps, and cloud services, people familiar with the matter said earlier. While Fitbit didn’t disclose terms of the acquisition, the price is less than $40 million, and Pebble’s debt and other obligations exceed that, two of the people said. Following the acquisition, Pebble’s offices will be closed and it will be up to Fitbit to decide whether to still use the Pebble brand, one of the people said.

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