Fossil Group has sold intellectual property related to its smartwatch technology to Google for $40 million.
The transaction, which also includes members of Fossil Groups’ research and development (R&D) team joining Google, aims to “unlock growth in wearables.”
“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,” said Greg McKelvey, executive vice-president/chief strategy and digital officer with Fossil Group. “We’ve built and advanced a technology that has the potential to improve upon our existing platform of smartwatches.”
“Wearables have the opportunity to improve lives by bringing users the information and insights they need quickly, at a glance,” added Stacey Burr, vice-president of product management with Wear OS by Google. “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.”