Wearable manufacturer Fitbit is planning to take over the struggling smartwatch maker Pebble.
More and more sources are reporting independently that manufacturers of sports tracking wearables company Fitbit is going to take over Pebble. The American smartwatch manufacturer, known for its successful Kickstarter actions, is currently succumbing to indebtedness.
This year has been a challenging period for the company. It released the latest version of its smartwatch in October. However, in March, the company cut off 25 percent of its employees as got into some trouble and had turned to debt funding and loans.
Fitbit would only pay 40 million for the ailing company. Previously, in 2015, renowned watch maker Citizen was interested in buying the company for $740 million. Intel also made an offer to pay about $70 million before the launch of the Pebble 2. But, Eric Migicovsky, the CEO of the company rejected both proposals.
No more branding
Fitbit, however, has no plans to continue with Pebble smartwatch as a brand after the acquisition of the company. Fitbit would especially be interested in the portfolio of patents, software and other intellectual property of the company.
Moreover, the acquisition does not stand in the way of the arrival of the Pebble Time 2 and the minicomputer ‘Core’. The delivery of these two products through a crowdfunding campaign on Kickstarter is scheduled at the beginning of 2017.