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Fossil sells Their Smart Device Technology to Google for $40 Million

Fossil sold to GoogleGoogle is about to go fancier with a brand new line of smartwatches designed by watchmakers and crafters extraordinaire Fossil. The multimedia juggernaut just bought the rights to all the smartwatch technology from the classic manufacturers in a transaction that is set to be closed in the first days of 2019. The deal includes a portion of the Fossil Group’s R&D team to support and transfer all the intellectual property owned by the manufacturer to create smart electronic devices that will join Google to create a line of smartwatches.

A Classic brand a Tough Market

Fossil entered the smartwatch business not so long ago with a line that performed somewhat well but couldn’t face stronger competitors such as Samsung or apple despite having state of the art designs and running with Android OS. The transaction transfers complete control to Google to develop the line as they see fit and compete directly with Apple in the market. The company is expected to retain over 200 team members ready to focus and innovate the existing products as well to create new ones.

Greg McKelvey, the Executive VP and Chief Strategy for the Digital Office of the Fossil Group was excited at the new prospect. He remains conscious about the improved technology they have created and the potential it has to be improved on the existing platform along the new tools provided by Google. His goal with this new partnership is to unlock the keys to a market that has been denied to them despite having a superior product to offer in terms of durability and sturdiness. Their goal is to grow and expand even more the market for wearable tech and make it accessible to everybody.

The future for Fossil and Google

After the deal is set in stone, Google will put a dedicated team to work on the new Wear OS, a software platform that interacts directly with the hardware of the user. They are also expected to have final say on all the new smartwatch designs of the new line. Currently, Fossil has launched at least fourteen different models of smartwatches in their licensed brands. They are all expected to merge under a single offering with this new deal to create a single line of products. The primary goal of the company is to sell wearables that are built for wellness, work as simple as they can and can be personalized to their customer tastes.

The new brand also aims for a chance to improve the lives of their users by offering them information and insights they request at a moment’s notice. The addition of Fossil the Google is a team-up of epic proportions that shows commitment to the evolution of smart technology by offering an extended portfolio of devices that range from the budget option to high-end wearables. Fossil already had a broad line of smart and hybrid smartwatches. They were also one of the first legacy developers to launch seven-gen touchscreen devices under six different brands. The first model of this partnership is expected to run on a  Qualcomm Snapdragon Wear 2100 Platform, with touchscreen digital display, Bluetooth, and wireless sync as well as compatibility with iOS 9.3 and Android 4.4 as well as battery life that lasts up to 12 hours.

Written by Admin