Google acquires Fossil smartwatch technology for $40M

Fossil’s fourth generation of smartwatches
Google is buying smartwatch technology from Fossil that's still under development and has yet to hit the market. (Fossil)

Google is acquiring intellectual property from Fossil related to smartwatch technology that’s still under development, according to Wareable.com. The deal, which is pegged at $40 million, will bring some of Fossil’s research and development team to Google and will lead to the release of a “new product innovation that’s not yet hit the market,” Greg McKelvey, Fossil’s executive vice president, told the outlet.

The new product, which is expected to fall under Google’s Wear OS lineup, will reportedly introduce new features and benefits that aren’t in the market today. Much of the technology is based on intellectual property that Fossil originally acquired from Misfit for $260 million in 2015.

The new technology will also eventually be available to all of Google’s Wear OS partners, so it won’t be limited to an exclusive device from Google. The deal is scheduled to close this month, but Google and Fossil are remaining tight-lipped as to when customers will see it come to fruition in actual products.

Mobile World Congress 2019

Attend the 2-Day Executive 5G Panel Series

FierceWireless is returning to Barcelona, Spain, during Mobile World Congress 2019 with a two-day Executive 5G Panel Series at the Fira Congress Hotel, conveniently located across the street from the MWC Convention Center. The panel events will take place on Feb. 25-26 and will cover 5G and The Fixed Wireless Access Opportunity, Taking 5G Indoors, and Making 5G Ubiquitous. Attendees will have the opportunity to network and hear from 5G leaders including Verizon, Vodafone, Orange, Sprint, NTT Docomo, Boingo Wireless, Qualcomm, and more over the course of two days.

Secure your spot at the event today! Now is your chance to join fellow industry professionals for networking and education. Registration information and the schedule can be found on the website here.

RELATED: Verizon, Apple lead growing smartwatch opportunity

The global smartphone market grew 67% percent year over year, reaching 10 million units in the third quarter of 2018, according to research from Strategy Analytics. Apple dominates with 45% market share, although it’s down considerably from 60% a year prior, according to the firm. Fitbit captured 15% of the global smartwatch market, and Samsung garnered 11% of the market during the same period.