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The wearable crunch: Fitbit acquires Pebble assets

An early Kickstarter star cancels upcoming products and gives up the ghost.

Sarah Tew/CNET
Now playing: Watch this: Fitbit officially buys Pebble

Fitbit, one of the biggest names fitness trackers, has confirmed that it's acquiring the assets and intellectual property of Pebble, one of wearable's early stars.

In a statement Wednesday, Fitbit said it "has acquired specific assets of Pebble, including key personnel and intellectual property related to software and firmware development." The deal doesn't include Pebble's hardware products. Terms of the deal weren't disclosed.

With Pebble's upcoming products, the Pebble Time 2 and Core, cancelled, this would seem to spell the end of the line for Pebble-branded hardware. Pebble famously raised more than $10 million via Kickstarter in 2012, and became one of the first big names in the wearable category.

Last week, CNET senior editor Scott Stein predicted this rumored deal would happen soon and said it made sense for both parties. "The rumored combination could well be a mutually beneficial move in an increasingly competitive category," he said.

In a press release, Fitbit CEO James Park said the acquisition will help it develop new health and fitness features.

"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. 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."