Pebble Shut Down

Pebble Shut Down News: FitBit Acquires it For $40m

News of the Pebble Shut Down has just filtered in. This has come as a shocker to fans and enthusiasts globally. There is news of FitBit having bought the smartwatch and crowd funding pioneer Pebble for $40 million.

News of the Pebble Shut Down has been confirmed by the Wall Street Journal. It has reported that Pebble Technology Corporation has already stated that operations would be closed. Smartwatches would not be sold anymore as well.

The Pebble Shut Down will be followed by a purchase of the company’s intellectual property by FitBit Inc. Several personnel will also be inducted into the company.

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The Guardian has confirmed that Pebble has been sold to FitBit. The deal will shut down all its manufacturing units and current owners have been warned that their smartwatches may stop working in the future.

All Kickstarter backers will be refunded as well. The deal values the startup at a little lower than $40 million. This is a big drop from earlier valuations witnessed in acquisition attempts. Pebble was initially offered a massive $740 million by Citizen in the year 2015. Intel also offered $70 million early in 2016.

More on the Pebble Shut Down

However, chief executive at Pebble, Eric Migicovsky, refused to entertain both these offers. FitBit will be integrating Pebble’s own software engineering outfit into the master company. However, several employees and chief executive Migicovsky have not been given jobs by FitBit as of yet.

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James Park, the co-founder and chief executive at FitBit, has stated that this is “an opportunity”. Park has also mentioned about how this will help “build on our strengths and extend our leadership position”. FitBit will now look to dominate the smart wearables space with this acquisition.

Pebble has also issued a statement where it has stated that “Pebble devices will continue to work as normal”. However, the statement also says that “Pebble functionality or service quality may be reduced in the future”.

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