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Fitbit buys assets from struggling Pebble

The smartwatch manufacturer Pebble is to stop making hardware with immediate effect, after some of the company’s assets were acquired by Fitbit, the company behind a number of popular activity trackers. As part of the deal, many of Pebble’s staff, as well as intellectual property relating to software and firmware, will be transferred to Fitbit.

Initially, Pebble was able to gain momentum behind its brand following a successful Kickstarter campaign. The company raised in excess of $10 million (€9.29 m/£7.92 m) in just 30 days, which it used to fund its first smartwatch.

Despite being one of the first companies to produce a smartwatch, Pebble found itself unable to succeed as products based around platforms like Android Wear and Tizen entered the market.

Pebble smartwatches were not as refined as alternatives from the likes of Samsung and ASUS, although they were more affordable.

As more big companies with large marketing budgets started to produce their own smartwatches, Pebble found it increasingly difficult to compete.

The amount paid by Fitbit to acquire some of Pebble’s assets has not be disclosed, although Bloomberg has reported that the figure stands at less than $40 million (€37.16/£31.66).

[via Bloomberg]