- Google to acquire Fossil Group’s smartwatch technology for $40 million.
- A portion of Fossil Group’s R&D team will join Google.
Google and Fossil Group have entered into an agreement under which the tech giant will acquire intellectual property (IP) related to a smartwatch technology currently under development by the fashion brand for $40 million. As part of the transaction, a portion of Fossil Group’s research and development (R&D) team, which is currently supporting the transferring IP will also join Google. Reportedly, the technology has been developed by Fossil on top of what it acquired when it bought Misfit for around $260 million in 2015.