Google is taking over the smartwatch technology of the fashion and accessory group Fossil for $40 million (Rs 280 crores). This will help Google expand in growing its wearable tech market.
The transaction is expected to close this month and the company said in a statement that a portion of Fossil Group's research and development (R&D) team that is currently supporting the transferring intellectual property (IP) will join Google.
Fossils smartwatch division that runs Google's wear OS and competes with the likes of Apple Watch would retain more than two hundred R&D team members to focus on innovation and product development.
"We've built and advanced a technology that has the potential to improve upon our existing platform of smartwatches. 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, Fossil Group.
Fossil Group has launched smartwatches across 14 of its owned and licensed brands.
"The addition of Fossil Group's technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches," said Stacey Burr, Vice President of Product Management, Wear OS by Google.
(With IANS inputs)