CNET News Video
Fitbit picked up Pebble for just $23 millionInitial reports estimated that Fitbit paid upward of $40 million to acquire Pebble's technologies. That figure was way off.
Fitbit paid $23 million for Pebble. The tech world is fickle. One second you're a kick starter darling. The next you're being acquired for parts. Last December Fitbit announced it was acquiring Pebbles technology and intellectual property. Fitbit did not buy the entirety of Pebbles business. When the deal was announced no price was mentioned, reports estimated Fitbit would pay up to $40 million for Pebble. Fitbit's latest financial documents say the company paid $23 million for the assets and IP of Pebble. Here's some background on Pebble, the companies first kickstarter was back in 2012 with the promise of an e-paper watch that works with both Android and iOS. That Kickstarter racked up over $10 million in pledges and some more than 68,000 backers. When the Fitbit deal was made official, Pebble announced it would no longer make hardware devices. In a blog post, Pebble developer Jon Barlow wrote that Fitbit intends to keep Pebble services running throughout 2017, and no one wants to brick Pebble watches. On FitBit's financial call. It's CEO said the company will expand into the smart watch market and the acquisition of Pebble will help that. He also said FitBit is looking into devices beyond the wrist. For more information check out CNET.com. I'm [UNKNOWN] and I'll see you online.