Pebble Acquired By FitBit for $40 Million
We typically view acquisitions for small startups as great news, but for Pebble and their supposed buyout from Fitbit it might not be that happy of an ending. The original Kickstarter sensation is being bought out by Fitbit for anywhere between $34 to $40 million.
This valuation sounds pretty low for a company that seemingly had a hot hand in the wearables space. It’s especially wild to hear that figure when you consider that they could have sold themselves off for over $700 million a mere year ago (but reportedly refused, likely because they thought they were worth much more at the time). So, why the big drop off?