Jawbone, the company that you might know for its health-tracking wearable device, is apparently going out of business. According to a new report, Jawbone has entered into liquidation proceedings. The company’s co-founder and CEO Hosain Rahman has reportedly launched a new startup called Jawbone Health Hub.
Jawbone got its start as AliphCom back in 1999 when it was an audio technology company that was working on military-grade audio technology. The company later became Jawbone and its consumer-focused products included much-loved Bluetooth headsets and speakers.
The company decided to enter the health and fitness-tracking space in 2011 with the UP wearable device. It just wasn’t able to cut it in this market. The following years tell a story of product failures, production problems, financial issues, and various other problems.
On top of that, Jawbone is involved in legal battles with major rival Fitbit. It’s dealing with patent infringement and trade secret lawsuits. Jawbone still has to retain lawyers to participate in some of these proceedings.
The Information reports that Jawbone has entered into liquidation proceedings which means that the company is legitimately going to be wound up. Rahman’s new company, Jawbone health Hub, will reportedly service all existing Jawbone products once the original company formally bites the dust.
An official statement on this matter hasn’t been issued as yet.