The smartwatch market has exploded over the past three years and one of the biggest underdogs Pebble has had quite a wild ride. Launching originally as a Kickstarter campaign, the company raised $10.2M followed by another campaign that resulted in another $20.2M and their latest campaign that ended with a $12.8M total.

Despite their Kickstarter success, the company has been struggling to make ends meet and has racked up some serious financial issues which made them lay off 25% of their workforce earlier this year.

Just a few days ago, news broke that the company might be in final negotiations to be acquired by wearable competitor Fitbit for a sum between $34-$40M. While this seems like a price to be bought out for, the company is estimated to owe at least $25M in debt and has been rumored to have turned down offers as high as $740M in previous years.

We recently reviewed their latest smartwatch the Pebble 2 and were pleased with the device's offerings at its budget-friendly price. Since their higher-end Pebble 2 Time still hasn't shipped to Kickstarter backers, we are unsure what this acquisition could mean for backers who are waiting anxiously to receive the unreleased smartwatch as it has already missed its anticipated shipment time of November 2016.

UPDATE (12/7/16): Pebble has confirmed Fitbit's purchase and the independent Pebble brand/company will be shut down.

Via: Engadget