Sunday , October 2 2022

Google buys mysterious intelligent fossil technology for $ 40 million



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Today, the Fossil group has announced that it has entered into an agreement to sell Google a secret location in smart development technology for 40 million dollars. The deal involves intellectual property related to this technology, as well as some members of the Fossil R & D team that are joining Google.

The agreement will end with the launch of "a new product innovation that has not yet reached the market," according to Greg McKelvey, EVP and chief of strategy and digital officer of the Fossil Group.

The mysterious technology in question has been developed by Fossil, apart from what it acquired when it bought Misfit in 2015 for about 260 million dollars. "It's based on something out of our timeline, it's new to market technology and we believe it's a product that has features and benefits that are not in today's category," McKelvey said.

A new product line approaches this technology on board, but Fossil and Google will not only use it, it seems that the search giant wants to make it available to all its partners in the space Wear OS, and this is probably what it is all about.

Stacey Burr, vice president of product management at Google's Wear OS, said: "We saw a technology that was developing, which we thought could be made more expansive if Google had this technology and could not only continue to use it with fossils But we bring it to other ecosystem partners. It's about bringing excellent functions to the greatest number of consumers. "

McKelvey revealed that "the fossil group will bring the product to the market, across our wide range of brands over time, and then in the true way Google will expand technology across the industry over time to benefit from it ".

The transaction between Google and the Fossil Group will end this month, although no company wants to reveal when it is likely that we will see products that use secret technology.

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