Fitbit Kills Pebble; Buys Software Assets; Pebble Time 2 and Pebble Core Cancelled

Smartwatch maker Pebble announced on Wednesday that it is dead, with tech wearables giant Fitbit acquiring some of its assets including key personnel. While further fulfilment of Pebble 2 orders will cease, the upcoming Pebble hardware, such as the Pebble Time 2 and Pebble Core, will also be cancelled. Refunds will be issued to Kickstarter crowdfunding backers.

Pebble, one of the best-known smartwatch brands had sold something over two million devices since launching in 2012, said that "many members of Team Pebble will be joining the Fitbit family to continue their work on wearable software platforms."

"Due to various factors, Pebble is no longer able to operate as an independent entity. We have made the tough decision to shut down the company and no longer manufacture Pebble devices," Pebble founder Eric Migicovsky said on the company's blog.

In its press release, Fitbit said that it had acquired "specific assets of Pebble, including key personnel and intellectual property related to software and firmware development," but not the company's hardware product. Terms of the deal were not announced but certain reports state something at under $40 million (roughly Rs. 270 crores).

"With basic wearables getting smarter and smartwatches adding health and fitness capabilities, we see an opportunity to build on our strengths and extend our leadership position in the wearables category," said Fitbit chief executive James Park. "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."

Pebble was among the early developers of smartwatches, raising money on the Kickstarter crowdfunding platform. Its 2015 drive raised a record $20.3 million.

Source: Pebble, Fitbit

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