Fitbit confirms Pebble buy-out deal

Fitbit, one of the world's bestselling wearable tech-maker, confirmed that it has agreed to buy out Pebble's smartwatches for $40 million. The company is not acquiring any assets or personnel related to Pebble's hardware division, only its software and some intellectual property. The news comes slightly over eight months after Pebble cut 40 jobs, which amounts to nearly 25 percent of the company's workforce. Fitbit suggested that the acquisition will help widen the range of customers.