Google parent company Alphabet will buy Fitbit, putting the tech giant head to head with Apple in the fitness tracking space. The deal values Fitbit around $2.1 billion at a fully diluted equity value, according to Friday’s announcement.
Google’s $40 million acquisition of Fossil’s tech earlier this year was reportedly for hybrid smartwatches. Fossil’s technology is internally called Project Diana, stemming from the combination of the words “digital” and “analog,”
Diana combines “physical watch features with digital elements,” according to the report, including some watches without screens.
That $40 million reportedly covers a license to use Diana tech, along with around 20 engineers who were acquired by Fossil in its own $260 million acquisition of Misfit in 2015.
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