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Fossil Group to sell its smartphone technology to Google for $40 million

Fossil Group has launched smartwatches across 14 of its owned and licensed brands

IANS  |  San Francisco 

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File photo of Fossil watches

Global watch and accessories maker has announced to sell its to for $40 million.

As part of the transaction that is expected to close this month, a portion of Fossil Group's research and development (R&D) team currently supporting the transferring intellectual property (IP) will join Google, the company said in a statement on Thursday.

Fossil, that builds that run Google's and competes with Apple Watch, would retain more than 200 R&D team members to focus on innovation and product development.

"We've built and advanced a technology that has the potential to improve upon our existing platform of Together with Google, our innovation partner, we'll continue to unlock growth in wearables," said Greg McKelvey, Executive Vice President and Chief Strategy and Digital Officer,

has launched across 14 of its owned and licensed brands.

"The addition of Fossil Group's technology and team to demonstrates our commitment to the by enabling a diverse portfolio of smartwatches," said Stacey Burr, Vice President of Product Management, Wear OS by

First Published: Fri, January 18 2019. 09:46 IST