Fossil Group sells smartwatch technology to Google for $40mn

Friday, 18 January 2019, 04:38 Hrs
24
cmt right
25
Comment Right
50
cmt right
14
cmt right
Printer Print Email Email
Fossil Group sells smartwatch technology to Google for $40mn


Global watch and accessories maker Fossil Group has announced to sell its smartphone technology to Google for $40 million.

As part of the transaction that is expected to close this month, a portion of Fossil Group's research and development (R&D) team currently supporting the transferring intellectual property (IP) will join Google, the company said in a statement on Thursday.

Fossil, that builds smartwatches that run Google's Wear OS software and competes with Apple Watch, would retain more than 200 R&D team members to focus on innovation and product development.

"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," said Greg McKelvey, Executive Vice President and Chief Strategy and Digital Officer, Fossil Group.

Fossil Group has launched smartwatches across 14 of its owned and licensed brands.

"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," said Stacey Burr, Vice President of Product Management, Wear OS by Google.

Read more news:



B-group vitamins beneficial for psychotic patients: Study



Edutech firm Byju's buys US-based Osmo for $120 mn


Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..