American watch maker Fossil has entered into an agreement to purchase fitness wearable specialist Misfit.
Fossil has revealed that it will begin incorporating Misfit’s fitness-tracking technology into its “traditional timepieces” from next year. It will also be working on the kind of “fashionable connected accessories” that Misfit has become known for over the past four years.
Misfit’s most recent device was the Shine 2, which was announced at the beginning of October. It features an all-aluminium body and a unique array of 12 LED lights on its touch-sensitive face.
The Shine 2 provided a number of health and fitness-related functions, including sleep monitoring, and could also alert you to phone notifications with its built-in vibration monitor.
Needless to say, the company’s discrete, display-free approach to fitness tracking should form a perfect fit with a traditional mechanical watch maker like Fossil.
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“We have a significant opportunity to add technology and connectivity across our platform of watches and accessories,” said Fossil CEO Kosta Kartsotis. “With the acquisition of Misfit, Fossil Group will be uniquely positioned to lead the convergence of style and technology and to become the fashion gateway to the high-growth wearable technology and connected device markets.”
The deal will be worth $260 million, which works out to around £171 million.
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