Fossil is a watch company that builds watches for both men and women. The company also makes both smartwatches and hybrid smartwatches that offer both traditional watch features and smartwatch features like notifications.
In an effort to keep the bed-ridden Android smartphone segment from kicking the bucket, Google has apparently forked $40 million to purchase an intellectual property (IP) currently being developed by Fossil. The IP is related to smartwatch technology and it is believed that Google wants to use this tech to breathe new life into Android wearables.
In addition to the IP, Fossil Inc will be handing over part of its research and development team currently working on the technology move to Google.
The announcement of this sale saw Fossil’s shares spike by 11%.
“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 Stacey Burr, vice president of product management at Google’s Wear OS.
40 million dollars is not a small amount but for Google, this is just a drop in the ocean. A drop that the company hopes will revive their efforts with WearOS to make it a true Apple Watch competitor because until now, that’s a market that Apple dominates effortlessly.