Fitbit Rumored To Acquire Pebble For $40 Million

According to a recent report Fitbit is looking to acquire Pebble in a deal which is said to be between $34 and $40 million.

Pebble has struggled over the last twelve months, which the company having to lay off some of its staff, despite its devices being popular.

The company originally started out on Kickstarter and they launched their new smartwatch on Kickstarter last year and managed to raid over $20 million.

Unfortunately the company had been unable to raise venture capital and had to fund it self with loans and debt, the company raised $28 million earlier in the year.

Neither Fitbit or Pebble have confirmed the deal, Fitbit is expected to phase out Pebble’s products over time, the purchase is apparently for their software and intellectual property.

Source TechCrunch