logo
Plus   Neg
Share
Email

Google To Buy Fossil's Smartwatch Tech For $40 Mln

Watchmaker Fossil Thursday announced plans to sell its smartwatch technology to Google for $40 million. Shares of Fossil is currently up 5% on the Nasdaq.

As part of the deal, a portion of Fossil Group's research and development team currently supporting the transferring IP will join Google. Fossil Group will retain more than 200 R&D team members to focus on innovation and product development.

"The addition of Fossil Group's technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer," said Stacey Burr, Vice President of Product Management, Wear OS by Google.

"We've built and advanced a technology that has the potential to improve upon our existing platform of smartwatches. Together with Google, our innovation partner, we'll continue to unlock growth in wearables."

Fossil is one of the primary brands that continues to build smartwatches that run Google's Wear OS software. Fossil said that smartwatches are its fastest growing category.

Fossil expects the transaction to close this month.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
RELATED NEWS
Follow RTT