Fitbit is reported to be close to buying smartwatch developer and Kickstarter success, Pebble, for between $34 million and $40 million. The deal is reported to mean the closure of the Pebble operations, with Fitbit absorbing the ip and software from the company. Fans of the Pebble brand and products are disappointed at the potential takeover.
Analyst Comment
There were rumours in 2015 that Pebble turned down an offer from Citizen of more than half a billion dollars, while Techcrunch said that the Fitbit deal would “barely covering their debts.”. Fitbit’s shares are just over $8 from a peak of $50 as smartwatches have failed to take off in high volume. (BR)
