The Fossil Group has pumped out dozens of Wear OS (Android Wear) based smartwatches over the years so it has been a great partner for Google’s wearable ambitions. The two companies have now inked an agreement which has Google acquiring some undisclosed smartwatch technology from Fossil for $40 million. The folks in the research and development division who created this technology will also be moving over to Google.
The terms of this deal include the transfer of a “portion” of Fossil’s R&D team over to Google. These people are directly responsible for the intellectual property that Fossil has decided to sell to Google.
This gives Google a dedicated team that has ample experience with wearable hardware. They will now be a part of the company and will work on Wear OS and may very well contribute to new smartwatch designs in the future.
No further details have been revealed about the intellectual property that has been signed over to Google in return for $40 million. Wareable reports that it’s a “new product innovation that’s not yet hit the market,” according to Fossil executive Greg McKelvey.
“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 and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer,” said Google’s president of product management for Wear OS Stacey Burr in a statement.