According to Wareable, Google has offered Fossil 290 crores INR to buy intellectual property for a smartwatch technology currently under development. As part of the deal, a few from Fossil’s R&D team will be joining Google.
This deal is a forerunner to the launch of a “new product innovation that’s not yet hit the market”. That’s according to Greg McKelvey, EVP and chief strategy and digital officer of the Fossil Group. As per McKelvey, the deal is more of a transaction, rather than an acquisition. He further explained that this new product line is centered on technology that the Fossil Group has extrapolated from the Misfit acquisition which happened way back in 2015 for reported 1,800 crore INR. “It’s based on something out of our timeline, it’s new to the market technology and we think it’s a product that has features and benefits that aren’t in the category today,” he said. Stacey Burr, VP of Product Management of Wear OS at Google explained, “We saw some technology that they were developing that we thought could be brought out in a more expansive way if Google had that technology, and was not only able to continue to use it with Fossil but bring it to other partners in the ecosystem. It’s about bringing great features to the widest numbers of on-the-go consumers.”
The transaction is slated for this month, and although McKelvey did mention that multiple devices based on the new tech is in planning, neither company would reveal when exactly we’re likely to see these products.