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Fossil Group shares rise after Google agrees to buy smartwatch tech for $40 million

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Google and watchmaker Fossil Group on January 17, 2019 introduced an settlement for the search big to purchase a few of Fossil’s smartwatch expertise and members of the analysis and improvement division accountable for creating it. The deal is value roughly $40 million, and below the present phrases Fossil will switch a “portion” of its R&D staff, the portion immediately accountable for the mental property being offered, over to Google.

Google CEO Sundar Pichai speaks onstage through the annual Google I/O builders convention in Mountain View, California, May 8, 2018.

As a end result, Google will now have a devoted staff with {hardware} expertise working internally on its WearOS software program platform and probably on new smartwatch designs as effectively.

Shares of Fossil jumped about 8 % on the information.

Fossil is among the main manufacturers that continues to construct smartwatches that run Google’s Wear OS software program, which competes with the Apple Watch however has struggled to achieve mass adoption amongst customers. But Fossil mentioned that smartwatches are its fastest-growing class.

“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,” mentioned Stacey Burr, vice chairman of product administration, Wear OS by Google.

Fossil mentioned the transaction is anticipated to shut in January.

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