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Fossil sells smartphone technology to Google for $40 million

Fossil-sells-smartphone-GBO

The watchmaker stated that it would sell one of its in-development, smartwatch-related IP to Alphabet Inc’s Google for $40 million

This announcement made Fossil Inc’s shares rise up as much as 11%. 

The sale will see a portion of its R&D team currently working on the technology, as it moves to Google. According to Fossil, the deal is expected to close in January.

“The addition of Fossil Group’s technology and team to Google demonstrates our commitment to the wearables industry,” stated Stacey Burr, vice president of product management at Google’s Wear OS, a smartwatch platform.

Fossil, which recently launched a new offering called ‘Sport’ that comes with Wear OS, stated that smartwatches have become its fastest growing category.

“Together with Google, our innovation partner, we’ll continue to unlock growth in wearables,” said Greg McKelvey, Fossil’s chief strategy and digital officer.

Fossil’s shares were last up 8.3% at $18.87.

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