FitBit is officially buying Pebble.
Rumors have been swirling for sometime that smart watch maker, Pebble was about to be purchased by FitBit.
Well, the rumors were true.
Here's how this will break down according to a blog post from Pebble.
Pebble says Says it will no longer manufacture Pebble devices.
The company says Pebble devices will still work as normal, but service quality may be reduced in the future.
FitBit will keep Pebble services going for now.
FitBit isn't buying the entirety of Pebble, her's what FitBit is picking up.
FitBit will acquire Pebble's tech, its software and intellectual property.
Additionally, FitBit will be hiring some employees from Pebble.
Pebble's first Kickstarter was back in 2012, with the promise of an e-paper watch that worked with Android and iOS devices.
That Kickstarter had the support of more than 68,000 backers and raised over $10 million.
Pebble's latest Kickstarter was for the Pebble 2, Time 2 and Core.
That campaign raised over $12 million.
Pebble will issue refunds to Kickstarter backers who have not received their rewards.
For more information, check out CNET.com.
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