Fitbit Paid a Mere $23 Million to Acquire Wearables Competitor Pebble

Fitbit Paid a Mere $23 Million to Acquire Wearables Competitor Pebble

As Fitbit continues to struggle in the fitness tracker market, it recently acquired smartwatch makers Pebble and Vector Watch. It turns out, they got a bargain in both deals.

Fitbit Paid a Mere $23 Million to Acquire Wearables Competitor Pebble
Pebble’s last devices.

The Pebble Deal

While the Pebble acquisition was rumored to have cost Fitbit $40 million, the fitness wearables maker now reports that it was able to buy Pebble for just $23 million. That’s a nice discount of nearly 50%, or around the same amount Pebble resellers are knocking off the price of the now discontinued devices.

Pebble had put itself on the sales block earlier last year, claiming a net worth of around $200 million. However, due to the smartwatch company’s struggles releasing new technology¬†and the state of the wearables market in general, no one took the bait.

The Vector Deal

Vector Watch was an even better bargain for Fitbit, going for a paltry $15 million. However, considering the tiny piece of the smartwatch market Vector had, it remains to be seen how much of a bargain the transaction will turn out to be.

Fitbit Paid a Mere $23 Million to Acquire Wearables Competitor Pebble
Vector Smartwatches

Fitbit will not continue making either Pebble or Vector Watch devices, leaving current users to eventually be left with a less than satisfactory experience with their smartwatches. FitBit bought both companies for their technology, but it remains to be seen what they do with all that IP.

(Via Slashgear)

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