Fossil Group Acquires Wearable Maker Misfit for $260 Million

Fossil Group has agreed to acquire Misfit, maker of wearable activity trackers, for $260 million in a major deal uniting traditional watchmakers with Silicon Valley talent. Fossil Group says it plans to begin incorporating Misfit’s technology into products resembling traditional watches as early as next year.

Since it was founded in 2011, Misfit has built sleek, inexpensive activity monitors — like the Shine 2, which lasts up to six months on a coin battery — and some smart-home products like sleep monitors and smart bulbs. The company found success in partnerships with companies like Speedo and Swarovski, but it hadn’t been able to overtake industry staples like Fitbit and Nike who dominate the wearable market.

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This article originally appeared on Recode.net.

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