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Fitbit Buyout Will See Pebble's Time 2 and Core Wearables Canceled, Refunds Issued
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I happen to be in the minority and like fitbit. I don't really have a need for a smartwatch - basically I just wanted a fitbit for the fitness tracker at the gym. I usually wear it most of the day as well. It was also much cheaper and I enjoy the weekly competition with my friends that we have.
It's been a great little product. I've read a lot of people have problems with them - but again, mine has been solid.
It's been a great little product. I've read a lot of people have problems with them - but again, mine has been solid.
This is a big shame, the Pebble was a great watch. Granted it didn't do all the flashy things that Android Wear and Apple Watch did, but as a watch that served me basic notifications and controlled my tunes whilst I was at work it was great.
For me the Pebble did everything I wanted in a low cost device.
I just hope when time comes to get a new smart watch there is one out there that will:
Have a long battery life (4 days+)
Track my fitness and sleep and integrate with HealthKit (hence the need for long battery life)
Water resistant
Serves basic notifications, I don't need anything flashy like Apple Watch.
Controls my music.
Be hard wearing (my Pebble goes down drains a lot as I work for a water company)
Be cheap, I don't mind scratching up a cheap watch but a £300 Apple Watch I would be scared of wearing for fear of damaging at work.
For me the Pebble did everything I wanted in a low cost device.
I just hope when time comes to get a new smart watch there is one out there that will:
Have a long battery life (4 days+)
Track my fitness and sleep and integrate with HealthKit (hence the need for long battery life)
Water resistant
Serves basic notifications, I don't need anything flashy like Apple Watch.
Controls my music.
Be hard wearing (my Pebble goes down drains a lot as I work for a water company)
Be cheap, I don't mind scratching up a cheap watch but a £300 Apple Watch I would be scared of wearing for fear of damaging at work.
Not really. My £10 Casio is doing just fine. The events I time don't stop the moment an event needs to be recorded; I need to snap the exact time of day something occurred, to the second.
I'm sure it varies, but I worked at a company that gave stock options as part of the pay. I personally hated the idea and tried to turn it down, but in the end signed it thinking I'd never get anything. A few years later, they were bought by a holding company. The holding company then immediately vested everyone in the company because they didn't want stock options, and paid everyone out. I can't remember what I got paid anymore, it was an unexpected several thousand dollar check. So apparently if the company sells, it can be a silver lining vs if the company just goes under.
Pebble Steel and Pebble Time Steel owner here, Pebble was hands down my favorite smart watch, did everything I need and nothing I don't. To say I am incredibly disappointed is an understatement and fitbit will get no business from me.
TechCrunch reports that Citizen tried to buy Pebble last year for $740M but the CEO turned it down. Later he turned down an offer of $70M from Intel. Now they're getting $40M, which barely covers their debts. I bet their employees are super happy with him.
You are disappointed in fitbit for the fact that Pebble failed as a business? You won't buy future Fitbit products because they aren't continuing a product line of a company that wasn't profitable, yet they plan on using their software and you don't know their full plans for it.
Agree. I have a pebble time and have had it on during so many home projects. Just last night I wore it sanding down joint compound and it was covered in dust. Never skipped a beat. I just wash it off with soap and water. Engine grease, saw dust, in the pool- Never had a problem.
Unfortunately, the Writing was on the wall when they had to go back to kick-starter to fund their 2nd generation product.
While I didn't own a pebble, I tried them out and if they just had one that I liked the look of, I'd have bought one.
But there was always something fishy going on with this company that I didn't like. I could accept that their first launch needed Kickstarter to get funding and get them off the ground. But with Record funding via kickstarter, strong sales in retail channels after, They still could not operate their business profitably enough, or with enough forethought to be able to afford their own R&D for their 2nd product.
That's a red flag for me right there that a company doesn't have it's accounting ducks in a row. When they re-listed on kickstarter for the version 2, you knew something wasn't right.
Then the every decreasing "buyout" values. They were offered by intel (I think?) after version 1 came out, 740Million for purchase. Even despite that valuation, they could not afford R&D for product two without kickstarter. Which makes so much sense when the next offer was around 70m. and now they're worth very little that they could be taken over and shutdown so easily.
Hopefully Fitbit takes the technologies, and patents, and uses them to make something nicer than what pebble could manage
While I didn't own a pebble, I tried them out and if they just had one that I liked the look of, I'd have bought one.
But there was always something fishy going on with this company that I didn't like. I could accept that their first launch needed Kickstarter to get funding and get them off the ground. But with Record funding via kickstarter, strong sales in retail channels after, They still could not operate their business profitably enough, or with enough forethought to be able to afford their own R&D for their 2nd product.
That's a red flag for me right there that a company doesn't have it's accounting ducks in a row. When they re-listed on kickstarter for the version 2, you knew something wasn't right.
Then the every decreasing "buyout" values. They were offered by intel (I think?) after version 1 came out, 740Million for purchase. Even despite that valuation, they could not afford R&D for product two without kickstarter. Which makes so much sense when the next offer was around 70m. and now they're worth very little that they could be taken over and shutdown so easily.
Hopefully Fitbit takes the technologies, and patents, and uses them to make something nicer than what pebble could manage
I have an Apple Watch and Fitbit Blaze.
The Fitbit Blaze is superb. Cheap to buy and tracks everything. Battery life is 5 days and i don't need to install apps to do extra things. It does it all already!
Just miss the vibration and Apple Pay. That's all!
See here: http://help.getpebble.com/customer/...-pebble-joining-fitbit-mean-for-me-?b_id=8309
Short answer: Probably sooner than later Fitbit will turn off Pebble's servers and offer Pebble owners a "deal" on a Fitbit Blaze.
[doublepost=1481123323][/doublepost]
Confirmed: https://blog.getpebble.com/2016/12/07/fitbit/
Official https://investor.fitbit.com/press/p...-Inc-Acquires-Assets-from-Pebble/default.aspx
[doublepost=1481123757][/doublepost]Official from Pebble: https://blog.getpebble.com/2016/12/07/fitbit/
This is the thread I started in Sept
Fitbit Blaze does notifications - any need for Pebble now?
https://forums.pebble.com/t/fitbit-blaze-does-notifications-any-need-for-pebble-now/23886/12
I should be a clairvoyant!
[doublepost=1481123757][/doublepost]Official from Pebble: https://blog.getpebble.com/2016/12/07/fitbit/
This is the thread I started in Sept
Fitbit Blaze does notifications - any need for Pebble now?
https://forums.pebble.com/t/fitbit-blaze-does-notifications-any-need-for-pebble-now/23886/12
I should be a clairvoyant!
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hmm
got me worried now.. as you bring a valid point.
I sold my original Pebble and got Pebble 2 SE few days ago.
While some day I'll probably wear Apple watch but I want more than one day charge and different price point.
A shame, but not totally unexpected I suppose. They practically kicked off the industry, but got overtaken by bigger names.
I backed the original Pebble and the Pebble Time Steel on Kickstarter. It did the few things I wanted - notifications, music control, always on screen, amazing battery life. However, it didn't do them perfectly. My original Pebble had a very glitchy screen. The PTS sometimes misses notifications and I have to re-pair the Bluetooth frequently.
My first PTS fell apart after a few months. Fair play to Pebble - they shipped me a new one with no hesitation.
As a developer I even wrote myself a little app to show DisneyWorld ride wait times on it - their PebbleJS was pretty simple to use.
In the end though the notification/Bluetooth issue was annoying me so much that I was seriously contemplating getting an AW2. I think this will now confirm it and I'll pick one up when I'm in the States in January.
I backed the original Pebble and the Pebble Time Steel on Kickstarter. It did the few things I wanted - notifications, music control, always on screen, amazing battery life. However, it didn't do them perfectly. My original Pebble had a very glitchy screen. The PTS sometimes misses notifications and I have to re-pair the Bluetooth frequently.
My first PTS fell apart after a few months. Fair play to Pebble - they shipped me a new one with no hesitation.
As a developer I even wrote myself a little app to show DisneyWorld ride wait times on it - their PebbleJS was pretty simple to use.
In the end though the notification/Bluetooth issue was annoying me so much that I was seriously contemplating getting an AW2. I think this will now confirm it and I'll pick one up when I'm in the States in January.
They were reportedly offered > $500M last year and said no. The company was run by a bunch of kids who had good ideas but no idea how to manage a company and keep customers happy. Hasta la vista baby!
Late last month we reported that Fitbit was closing in on a deal to acquire smartwatch maker Pebble "for a small amount". Bloomberg has now revealed that the buyout will cost "less than $40 million" and exclusively concerns Pebble's software assets, which are being sought by Fitbit "in a bid to better compete with Apple", according to people familiar with the matter.
Yesterday's update on the details of the acquisition comes at a time when the wearables market as a whole appears to be facing increased uncertainty and significant profit hurdles. Earlier this week, in response to IDC market research claiming that Apple Watch's share of the wearables market had fallen to 5 percent, Apple CEO Tim Cook said Apple Watch's sell-through rate had hit a new high. Cook was responding to data which suggested fitness trackers "reigned supreme" in the market, yet Fitbit has seen its own struggles, with the company's shares tumbling 30 percent after announcing mixed third-quarter results and weak guidance for its fourth quarter.
To improve its standing in the market, Fitbit reportedly wants to hire Pebble's software engineers and testers, and get hold of intellectual property including the Pebble OS, watch apps, and cloud services. The $40 million buyout sum does not include Pebble's debt and other obligations, product inventory or server equipment, all of which will be sold off separately, said the people, who asked to remain anonymous.
The news all but confirms the end of the road is in sight for Pebble's entire product line-up, including its most recent smartwatch announcements, the Pebble 2, Time 2, and the Pebble Core. The Pebble 2 has already started shipping to people who funded the startup through crowd-funding site Kickstarter, but the Time 2 and Pebble Core will be canceled and refunds will be issued to Kickstarter backers, said the sources.
Following the buyout, Pebble's offices will be closed and former engineers will relocate to Fitbit offices in San Francisco. There's no word yet as to whether Fitbit will decide to use the Pebble brand in future.
The deal will make Pebble stock held by employees "worthless", said sources, with the money earned on the acquisition going to debt holders, vendors, some equity investors, and Kickstarter refunds for the Time 2 and Pebble Core orders.
Article Link: Fitbit Buyout Will See Pebble's Time 2 and Core Wearables Canceled, Refunds Issued
Something is very wrong and this takeover or acquisition is terrible for the employees of Pebble. Not only is the sale price extremely low compared to what the company was probably worth a year ago but the deal will make Pebble stock held by employees "worthless". This is wrong, so many firms give stock options instead of pay-rises because they know hard working employees will cash out at a future point.
If Fitbit wants the Pebble software developers to move to SanFran then FitBit should pay for all costs and pay out these shares. Otherwise this is just some type of corporate raider manoeuvre.
I would hope the Pebble acquisition by FitBit will bring more competition to Apple and force Apple to improve the Apple Watch. The style of takeover does not give me much hope.
If Fitbit wants the Pebble software developers to move to SanFran then FitBit should pay for all costs and pay out these shares. Otherwise this is just some type of corporate raider manoeuvre.
I would hope the Pebble acquisition by FitBit will bring more competition to Apple and force Apple to improve the Apple Watch. The style of takeover does not give me much hope.
I still rock my OG pebble from time to time. It's kind of like carrying around a Motorola Startac.
The greater market suffers when a competitor offering something different fails. No one else makes a product that competes directly with Pebble's mix of features. As a consumer, I am sad to see them go.
I heard that part of the deal was to keep their Waterloo, Ontario office running as part of the acquisition... which I understand! who would want to move to the US right now?
This is pretty heartbreaking. I backed the original Pebble on kickstarter and they felt like the little startup that could. Loved my original pebble, but eventually upgraded to the Time Steel and loved it even more. I'll be wearing it until they are officially dead. Hopefully not sooner rather than later.
Fitbit killed the COIN, and now killed Pebble.
Fitbit killed the COIN, and now killed Pebble.
Love that Pebble says if you backed the new models that are canceled you will receive your refund by March 2017. Great plan!