Fitbit snaps up smartwatch pioneer Pebble

Fitbit has confirmed its acquisition of Pebble, including the smartwatch pioneer's software, intellectual property and many of its engineers, but not its hardware portfolio.

The deal is intended to accelerate Fitbit’s push into the healthcare industry, as Pebble’s software platform helps lay the groundwork for a new app store for Fitbit’s wearable devices.

It comes at a time of flux for the wearable technology market, after Motorola said last week it would not be making any more of its Moto 360 smartwatches for the foreseeable future.

Analyst group IDC said this week that the overall wearables market grew just 3.1 per cent in the third quarter, compared with the previous year. Fitbit maintained its lead in the sector with market share of around 23 per cent, IDC said.

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Pebble has struggled financially despite raising more than $40 million (€37.2 million) across three Kickstarter campaigns, including the crowdfunding site’s biggest investment. It is discontinuing its range of smartwatches, and will refund Kickstarter backers who have not yet received the products they were promised.

- Copyright The Financial Times Limited 2016