Categories: OUT OF THE BOX

FOSSIL GROUP, INC. TO ACQUIRE WEARABLE TECHNOLOGY INNOVATOR MISFIT

Acquisition of Leading Technology Platform and World-class Engineering Team Will Fuel Rapid Growth in Wearable Technology Richardson,

Texas, November, 2015 – Fossil Group, Inc. (NASDAQ: FOSL) today announced that it has entered into a definitive agreement to acquire Misfit, Inc., an innovator in wearable technology and stylish connected devices.

The acquisition will enable Fossil Group to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to Fossil Group a scalable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.

“We have a significant opportunity to add technology and connectivity across our platform of watches and accessories,” said Kosta Kartsotis, chief executive officer of Fossil Group. “With the acquisition of Misfit, Fossil Group will be uniquely positioned to lead the convergence of style and technology and to become the fashion gateway to the high-growth wearable technology and connected device markets.”

The acquisition will enable Fossil Group to:

• Own a technology platform that has already solved many of the hardest problems in wearables, including battery life.

• Scale Misfit’s technology across Fossil, Skagen and a targeted portion of its portfolio of 16 brands in 2016, ultimately accelerating the company’s connected accessory roadmap.

• Expand its addressable market with new distribution channels, new products, new brands and new enterprise partnerships, including music, fitness, healthcare and digital entities.

• Lead in the connected devices space by harnessing the power of a world-class software and hardware engineering team spearheaded by Misfit Founder, Sonny Vu.

“We fundamentally believe consumers care about both technical functionality and fashionable design. In fact, one without the other is simply not enough. With the acquisition of Misfit, Fossil Group will be positioned to win with the connected consumer,” said Greg McKelvey, chief strategy and digital officer of Fossil Group.

“Our world-class design and global distribution, combined with Misfit’s technology platform, creates a significantly advantaged, multi‐brand and global wearable technology business poised to drive the convergence of fashion and technology.”

“We are thrilled to join forces with Fossil Group to usher in the next era of wearables where elegance, beauty and long-lasting wearability are paramount,” said Sonny Vu, founder and chief executive officer of Misfit.

“Together, we will introduce products that blend Misfit’s seamless, intuitive technology and user experience with the design, style and branding that is the hallmark of Fossil Group.”

Transaction Details Fossil Group expects the acquisition to close before the end of fiscal 2015, subject to customary closing conditions and regulatory approval. The purchase price of $260 million, including transaction costs, will be funded through a combination of cash on hand and bank debt.

Sonny Vu will serve as president and chief technology officer of connected devices for Fossil Group, Inc., and will be a member of the company’s executive leadership team. See related press release titled, “Fossil Group, Inc. Reports Third Quarter Fiscal 2015 Results” for additional details regarding the acquisition.

Liat

Recent Posts

eInfochips and NXP Collaborate to Enable Battery Energy Storage Customers

 eInfochips, an Arrow Electronics company, today announced its expanded collaboration with NXP® Semiconductors to help…

4 hours ago

DigiKey Adds More Than 611,000 Products and 139 New Suppliers in Q3 2024

 DigiKey, a leading global commerce distributor offering the largest selection of technical components and automation…

7 hours ago

Infineon launches new generation of GaN power discretes with superior efficiency and power density

Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) today announced the launch of a new…

2 days ago

Power Integrations Launches 1700 V GaN Switcher IC, Setting New Benchmark for Gallium Nitride Technology

1700 V GaN InnoMux-2 IC delivers efficiency of better than 90 percent from a 1000…

2 days ago

NVIDIA Ethernet Networking Accelerates World’s Largest AI Supercomputer, Built by xAI

NVIDIA today announced that xAI’s Colossus supercomputer cluster comprising 100,000 NVIDIA Hopper Tensor Core GPUs…

1 week ago

Siemens strengthens leadership in industrial software and AI with acquisition of Altair Engineering

Acquisition of Altair Engineering Inc., a global leader in computational science and artificial intelligence software,…

1 week ago