Watchmaker Fossil Group has announced that it’s selling its smartwatch technology to Google for $40 million. A portion of Fossil Group’s research and development (R&D) team will join Google, the company said late last night.
Fossil recently launched its latest range of Wear OS smartwatches in India and it would retain more than 200 R&D team members to focus on innovation and product development.
While no particulars of the deal have been announced, it will bring a “new product innovation that’s not yet hit the market,” according to Greg McKelvey, Executive VP, Chief Strategy and Digital Officer, Fossil Group.