According to sources, Fitbit is in the closing stages of buying smartwatch maker Pebble. Fitbit holds a large portion in the wearable market but both companies are underdogs compared to the Apple Watch and Android Wear. Fitbit is mostly after Pebble’s intellectual property, including its operating system, as the Pebble brand will be phased out after the deal closes. Reports stated, Luxury watch maker Citizen was interested in purchasing Pebble for $740 million in 2015 but was refused by their chief executive. Fitbit is now paying $34-40 million for Pebble.

via Instagram According to sources, Fitbit is in the closing stages of buying smartwatch maker Pebble. Fitbit holds a large portion in the wearable market but both companies are underdogs compared to the Apple Watch and Android Wear. Fitbit is mostly after Pebble’s intellectual property, including its operating system, as the Pebble brand will be phased out after the deal closes. Reports stated, Luxury watch maker Citizen was interested in purchasing Pebble for $740 million in 2015 but was refused by their chief executive. Fitbit is now paying $34-40 million for Pebble. //