Pebble is a smartwatch company that launched its first product on Kickstarter. The crowdfunding campaign proved to be a hit as it raised a record amount of money for the company. It has taken the same route to launch additional products but with almost every major mobile company jumping on the bandwagon with similar products, it’s getting harder for Pebble to thrive. According to a report, Fitbit may end up acquiring Pebble for $40 million.
Nothing has been officially announced as yet but the potential numbers being thrown around show that Pebble has missed out on its golden ticket.
Conventional watch maker Citizen is said to have offered $740 million for Pebble back in 2015 while Intel is said to have made an offer for $70 million recently. Pebble CEO Eric Migicovsky refused both offers and now it’s being said that Fitbit is likely going to acquire the company for somewhere between $34-$40 million.
Fitbit may be looking to spend this much money on Pebble because it wants the intellectual property and software. The Information reports that once the acquisition goes through, Fitbit is going to shut down the company stop selling its products over time. The Pebble as we know it may bite the dust for good.