Accessories | Palo Alto, CA | Corporate Acquisition
Connected health and fitness company Fitbit (NYSE: FIT) has acquired specific assets of smartwatch maker Pebble, confirming speculation from last week. The deal includes key personnel and intellectual property related to software and firmware development, but excludes the company’s hardware products. The transaction, which closed on Tuesday, was reportedly worth between $34 million and $40 million—a serious dip from the $740 million takeover offer from Citizen that Pebble is believed to have spurned in 2015. Initially launched on Kickstarter in 2012, Pebble went on to raise millions in venture capital from firms including Charles River Ventures.