Fossil to acquire Misfit for $260 million
Fossil Group, Inc. is definitely serious about wearables as it has announced that it has entered into a definitive agreement to acquire Misfit, Inc. for $260 million.
The announcement came just a few weeks after Fossil introduced its Q series of smart wearables. With the acquisition of Misfit, Fossil aims to expand its product offerings from traditional timepieces to connected wearable devices.
Image: The Fossil Q Grant
According to Fossil, the acquisition will enable the company to:
• Own a technology platform that has already solved many of the hardest problems in wearables,
including battery life.
• Scale Misfit’s technology across Fossil, Skagen and a targeted portion of its portfolio of 16 brands in
2016, ultimately accelerating the company’s connected accessory roadmap.
• Expand its addressable market with new distribution channels, new products, new brands and new
enterprise partnerships, including music, fitness, healthcare and digital entities.
• Lead in the connected devices space by harnessing the power of a world-class software and hardware
engineering team spearheaded by Misfit Founder, Sonny Vu.
Fossil is expecting to close the acquisition before the end of fiscal 2015 for the purchase price of $260 million.
source: Fossil Group