Google x Fossil

Fossil watch and Pixel

Google just spent a lot of money on time. The tech giant has closed a $40 million deal to purchase Fossil’s smartwatch IP. The acquisition will give Google access to the brand’s technology currently under development, and also Fossil employees who will join the software company’s team.

“We’ve built and advanced a technology that has the potential to improve upon our existing platform of smartwatches. Together with Google, our innovation partner, we’ll continue to unlock growth in wearables,” Fossil said in a statement.

The deal also means that Google is making moves to potentially develop its own Pixel Watch, to compete with Apple’s models. It's about time (no pun intended).