Fitbit is reportedly looking to acquire wearables brand Pebble in a deal which is expected to be around $34 to $40 million. This comes after a financially difficult year for Pebble.
After a successful launch of its first product in 2012, pebble has only witnessed financial troubles in recent times. The company fired 25 percent of its workforce in March. Even after two rounds of funding which collectively raised $26 million, the company is largely in debt.
Having refused two previous acquisition proposals of $740 Million and $70 Million by Citizen and Intel respectively in 2015, the company has now run out of options.
Once the acquisition is complete, Fitbit plans to phase out the brand’s devices as its only interests lie in Pebble’s technology.