Among the more interesting tidbits to be found in Fitbit’s disappointing new financial filing is the fact that it apparently picked up Pebble’s assets for a relative song. While the company didn’t reveal the actual numbers when the acquisition was announced late last year, reports pegged it at upwards of $40 million.
According to today’s filing, the amount Fitbit paid for the smartwatch pioneer’s assets and intellectual property is actually $23 million — just north of the $20.3 million Pebble scored for its 2015 Time Kickstarter campaign.
Also among the revelations is the price the company paid for another recent high-profile acquisition, picking up Vector Watch’s talent and IP. The two deals, along with its recent similar acquisition of Coin, point to Fitbit’s next key step: building a new smartwatch, even as sales numbers in the space have hit a skid of late. Rumor has it the company also tried and failed to acquire Jawbone in between legal squabblings.
“We believe we are uniquely positioned to succeed in delivering what consumers are looking for in a smartwatch: stylish, well-designed devices that combine the right general purpose functionality with a focus on health and fitness,” CEO James Park said in a statement last month. “With the recent acquisition of assets from Pebble, Vector Watch and Coin, we are taking action to position the company for long-term success.”
That revelation arrived around financial filings issued late last month, along with news that the company would be cutting 110 jobs globally.
According to the new filing, the company’s latest products — the Charge 2, Alta, Blaze and Flex 2 — accounted for 96 percent of its revenue. Fitbit also managed to increase active users from 16.9 million to 23.2 year-over-year, even as the wearable industry suffered from some major growing pains.