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Google to Buy Fossil's Smart Watch Technology for USD 40 Million

2019/01/18

Google will pay USD 40 million to buy the smart watch technology of Fossil Group Inc. to bolster its wearable business, the company said on January 17. Fossil Group, an American fashion designer and manufacturer founded in 1984, said it is selling intellectual property (IP) related to a smartwatch technology currently being developed by it in a deal that is expected to close later this month. "As part of the transaction, a portion of Fossil Group's research and development (R&D) team currently supporting the transferring IP will join Google," said the company based in Richardson, Texas. "Together with Google, our innovation partner, we'll continue to unlock growth in wearables," said Greg McKelvey, executive vice president and chief strategy and digital officer at Fossil Group.

Source: Xinhua




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