Pebble smartwatch launches terminated as Fitbit purchases company assets

Wearables giant Fitbit has verified it is buying the assets that power the smartwatches of rival company Pebble, but not it is existing devices.

The intensely rumoured deal does not include any of Pebble's products already on deal, which Pebble said would continue to work as normal.

But the producer said work on the firm's upcoming Time 2, Core and Time Game products crowd-funded on Kickstarter were being halted, with refunds being offered to people who backed them, and hardware businesses ending.

Fitbit is the market head in wearable technology, including fitness trackers, while Pebbled first came to importance via Kickstarter and their crowd-funded smartwatch in 2012, which raised more than $10 million (? several. 9m).

It has recently been suggested Fitbit is looking to improve an unique smartwatch offering after its first venture into the market - the Blaze - received a mixed response when launched earlier this year.

Pebble said many of its "team and resources" were joining Fitbit therefore of the offer. "Pebble's expertise, philosophy, and culture will live on at Fitbit, " a company statement read.

"Much of our team and resources will join Fitbit to deliver new 'moments of awesome' in future Fitbit products, developer tools, and experiences.

"As our transition progresses, we'll have exciting new stories to tell and milestones to celebrate. "

The story comes after Pebble lower 25pc of its staff earlier this year, and chief executive Eric Migicovsky said at the time that "money is quite tight these days". Reviews claim Mr Migicovsky 

will not join Fitbit in wake of the offer.

Fitbit co-founder James Recreation area said: "With basic wearables getting smarter and smartwatches adding health and fitness capabilities, we see an possibility to develop our talents and extend our authority position in the wearables category.

"With this purchase, we're well positioned to accelerate the expansion of our platform and environment to make Fitbit an essential part of everyday life for a wider pair of consumers, as well as build the tools health-related providers, insurers and companies need to more significantly integrate wearable technology into preventative and chronic health care. "