Google acquires fossil smartwatch tech for $40 million

Source: Fossil.com

The California based search engine has acquired the intellectual property of the smartwatch department of Fossil. Google agreed to pay $40 million (₹280 crore) to the Texas based fashion and accessories brand Fossil.

Google has long been rumoured to be working on self-branded smartwatches. The latest deal between the two firms will enable the search giant to create its own branded smartwatches and hence compete with other major brands like Apple, Fitbit, etc. The research and development team of the smartwatch department of the Fossil group will join Google as a part of this deal.

Fossil moved to smartwatches back in 2015, after acquiring Misfit for $260 million, which was a tech platform created by former Microsoft researcher Sonny Vu and onetime Apple's chief executive John Skulley.