Google has purchased watchmaker Fossil Group’s smartwatch technology rights for $40 million.
The transaction will see a portion of Fossil Group’s research and development team, who are currently supporting the transfer process, join Google.
Fossil Group referred to its smartwatches line as its “fastest growing category”. The transaction is expected to close this month.
Commenting on its latest purchase, Google’s vice president of product management, Stacey Burr, said: “Wearables, built for wellness, simplicity, personalisation and helpfulness, have the opportunity to improve lives by bringing users the information and insights they need quickly, at a glance.”
“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.”
Fossil Group’s executive vice president and chief strategy and digital officer, Greg McKelvey added: “Fossil Group has experienced significant success in its wearables business by focusing on product design and development informed by our strong understanding of consumers’ needs and style preferences.”
“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."