Fitbit purchases Pebble Software and IP

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Fitbit has been a major player in the Activity band market. Now it looks like are going tackle Smartwatches, by buying out Pebble.

(Reuters) - Wearable device maker Fitbit Inc said it had bought smartwatch maker Pebble's software and intellectual property as it looks to strengthen its position in the wearables market.

Pebble, which began as a crowdfunded project in 2012 and raised more than $10 million in a Kickstarter campaign, was one of the first companies to make smartwatches that used electronic ink displays and connected to smartphones.

The financial terms of the deal were not disclosed, although Bloomberg had earlier reported that it was valued at less than $40 million.

Pebble will no longer produce or sell any of its smartwatches, according to the company's website......

Fitbit buys smartwatch maker Pebble's software assets