A week after rumors broke that the company was being acquired, Pebble confirmed that it was selling to Fitbit for around $34-40 million. We were told that amount “barely” covered its debts. “Many” Pebble employees will join Fitbit, apparently to work on the company’s wearable software platforms.
Unshipped Pebble devices will remain unshipped (Time 2, we hardly knew ye) and backers will receive refunds. Pebble services will continue to work for now, but “functionality or service quality may be reduced in the future.”
Customers, understandably, are crying foul. We’ll be covering transition plans for the services and hardware (and the inevitable lawsuits) as they emerge.
Despite a sad ending, Pebble’s story is still an inspiring one. A handful of people with a good idea and some expertise made and sold millions of dollars worth of gadgets to a large and (mostly) supportive community. But the hardware game is a risky one and there are no guarantees in life, let alone on Kickstarter.