Back in December of last year, Fitbit announced that they were acquiring Pebble, but they did not reveal how much they paid to make that acquisition.

Rumors had previously suggested that they had paid around $40 million, however, we now know that it was not quite that much.

That’s because Fitbit today revealed that it paid a total of $23 million to acquire Fitbit, the company’s assets, and its intellectual property.

The latter was the biggest reason for Fitbit to make the acquisition, with no interest in continuing support for Pebble’s previous products.

Instead, they plan to create some of their own smartwatch products via not only this acquisition but also the recent acquisition of another smartwatch company, Vector Watch.

They also revealed today that they paid $15 to acquire Vector Watch specifically.

These details were revealed in Fitbit’s earnings report, in which they revealed that the company reached $573.8 million in revenue from 6.5 million sales of their devices for the fourth quarter of 2016.

You can read more at the source link below.

Source: Venturebeat

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