|Phenny Lynn Palec |||Dec 08, 2016 09:41 AM EST|
(Photo : YouTube Screenshot) Fitbit will be acquiring Pebble for an undisclosed amount.
Pebble, once the darling of the Kickstarter community, announced that it is shutting down as a result of a sale. Fitness device manufacturer Fitbit is acquiring Pebble for an undisclosed amount.
Late in November, rumors started to surface claiming that Fitbit is in negotiations with Pebble for a possible buyout. Speculations surfaced that Fitbit is will be paying between $34 million and $40 million to acquire Pebble, although some in the tech community said that it is not enough to cover Pebble's debts.
Like Us on Facebook
In a statement posted on the company's blog, Pebble chief executive officer Eric Migicovsky wrote "We have made the tough decision to shut down the company and no longer manufacture Pebble devices. While dissolving Pebble as you know today is difficult, I am happy to announce that many members of Team Pebble will be joining the Fitbit family to continue their work on wearable software platforms."
Along with some of its employees, important technology, software, and intellectual property owned by Pebble will also be transferred to Fitbit as part of the acquisition. According to Quartz, Pebble was able to sell more than two million devices since its inception in 2009.
Pebble is considered as one of the early pioneers of the smart wearable market. The company is known for setting several Kickstarter crowdfunding records.
Many market analysts have long predicted Pebble's fate. In March, the company laid off a quarter of its staff due to losses. Some analysts said that while Pebble made significant traction in the crowdfunding world, the company failed to raise investments outside of this ecosystem.
©2015 Chinatopix All rights reserved. Do not reproduce without permission
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
Elephone P9000 Smartphone is now on Sale on Amazon India
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?
6 Year-Old-Boy Trapped in 40-Metre-Deep Well for 3rd Day