Google will pay Fossil $40 million for smartwatch tech2019-01-17 18:23 by Daniela
Tags: Fossil, smartwatch
Fossil is selling $40 million of smartwatch technology to Google, the company announced Thursday. According to the companies, the deal will see Google acquire a smartwatch intellectual property and the portion of Fossil's R&D team that currently supports it. However, Fossil will retain an R&D team with over 200 people and keep creating smartwatches, which it notes have become the company's fastest growing product category in recent years.
All of Fossil's digital-faced smartwatches run on Google's Wear OS, so the two companies have already worked together for quite some time. But Fossil is one of many companies to develop "hybrid" smartwatches, most of which have analog faces and resemble traditional timepieces in most aesthetic ways.
Fossil and Google have put out a few smartwatches. The fashion company's latest, Fossil Sport, was a Google Wear OS smartwatch released in November. The watch had Qualcomm's newest 3100 wearable chip to make its battery life longer.
"The addition of Fossil Group's technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer," said Stacey Burr, vice president of product management, Wear OS by Google.
The transaction is expected to be finalised this month, although neither company would reveal when exactly we're likely to see products from the deal emerge. Fossil plans on launching multiple devices across its brands based on the new tech.
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