Pebble is shutting down as Fitbit buys smartwatch maker’s software assets

Smartwatch maker Pebble has confirmed that it’s shutting down with many members of Team Pebble “joining the Fitbit family to continue their work on wearable software platforms.”

“Due to various factors, Pebble is no longer able to operate as an independent entity,” explained Eric Migicovsky, CEO and founder at Pebble, in a statement. “We have made the tough decision to shut down the company and no longer manufacture Pebble devices.”

“The arrangements were finalised…for Fitbit to acquire our technology, software, and other intellectual property (IP),” he added.

Pebble began as a crowdfunded project in 2012 and raised more than $10 million in a Kickstarter campaign. It was one of the first companies to make smartwatches that used electronic ink displays connected to smartphones.

In the last week of November, rumours started doing the rounds that Fitbit was set to acquire Pebble in a deal reported to be worth up to $40 million. Now Fitbit has finally divulged details of the acquisition, which involves snapping up “specific assets,” including staff and intellectual property (IP) related to software and firmware.

Migicovsky notes that while Pebble devices will continue to work “as normal” — and asserts there will be “no immediate changes” to the user experience “at this time” — he does also warn that “Pebble functionality or service quality may be reduced in the future”.

“With basic wearables getting smarter and smartwatches adding health and fitness capabilities, we see an opportunity to build on our strengths and extend our leadership position in the wearables category,” said James Park, CEO and co-founder of Fitbit, in a press release.

“With this acquisition, we’re well positioned to accelerate the expansion of our platform and ecosystem to make Fitbit a vital part of daily life for a wider set of consumers, as well as building the tools healthcare providers, insurers, and employers need to more meaningfully integrate wearable technology into preventative and chronic care,” he added.