Fitbit looking to buy Pebble for $34-40 million

Fitbit buying Pebble for $34-40 million

Fitbit, an American company that produces smartwatch is getting closer to landing a deal with Pebble for about $34-40 million.

The Information reported it first on the multi-million dollar deal that will include Pebble’s intellectual property and tech expertise should the deal be closed. VentureBeat cited that it will cost $34-40 million for Fitbit to acquire Pebble.

Pebble was able to raise $40 million – thanks to its Kickstarter campaigns – but wasn’t enough for the company to stay in the business. It was reported that back in March it laid off 25 percent of its workforce with the CEO Eric Migicovsky citing that ‘money is pretty tight right now’.

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{Source via Android Authority}