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Fossil to Acquire Wearable Technology Innovator Misfit

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Fossil Group, Inc. announced that it has signed an agreement to acquire Misfit, Inc., an innovator in wearable technology and stylish connected devices. The purchase price is estimated to be around $260 million, including transaction costs, will be funded through a combination of cash on hand and bank debt. The acquisition will enable Fossil Group to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to Fossil Group a scaleable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.

“We have a significant opportunity to add technology and connectivity across our platform of watches and accessories,” said Kosta Kartsotis, chief executive officer of Fossil Group. “With the acquisition of Misfit, Fossil Group will be uniquely positioned to lead the convergence of style and technology and to become the fashion gateway to the high-growth wearable technology and connected device markets.” Read more

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Sweekar S

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