According to reports by The Information, the health and fitness wearable maker Fitbit is buying a smartwatch company Pebble.
Back in 2012, Pebble started as a Kickstarter campaign and they managed to enter the smartwatch market early before tech giants Apple and Samsung unveiled their first smartwatches.
In May 2016, Pebble has been struggling financially and had to lay off a quarter of its workers.
Although The Information doesn’t have an exact price for the deal, Engadget reports that Fitbit is acquiring Pebble for a measly $34 – $40 million. This deal is a lot lower than offers Pebble has previously refused.
This isn’t good news if you’re a fan of Pebble smartwatches. Pebble’s technology and IP is what Fitbit is after, which most likely means that Pebble devices will be phased out.
The hype around smartwatches has declined since the incredible news of Google launching Android Wear in 2014 and Apple launching their first Watch in 2015.
With the Watch, Apple looks like it’s focusing on the fitness aspect. The smartwatch market is declining fast according to a recent IDC report.