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Fitbit In ‘Advanced Negotiations’ To Acquire Pebble

Fitbit is closing in on a deal to acquire Pebble, as slowing smartwatch sales force consolidation in the industry.

Further to an initial report yesterday, the Wall Street Journal now reports that a person familiar with the matter expects Fitbit will shut down the Pebble brand as part of the acquisition.

According to the source, Fitbit is primarily interested in the intellectual property of Pebble, including its operating system, in addition to the existing employees of the company.

The Wall Street Journal said that “Pebble is running out of money” according to their source, in line with comments previously made by Pebble CEO Eric Migicovsky. He told Tech Insider earlier this year that “money is pretty tight these days.”

Pebble ranks fifth in the smartwatch market according to research firm IDC, controlling 3.2% of the market behind Apple, Garmin, Samsung and Lenovo.