Fitness Tracker Fitbit Just Paid $23 Million For This

Fitbit released a press release on Wednesday announcing not only the company’s fourth quarter financial results, but the sale price for its acquisition of Pebble.

The fitness tracking company paid $23 million to acquire Pebble’s assets and intellectual property.

Could this acquisition give Apple’s iWatch a run for its money?

Pebble Technology Corporation developed a line of smartwatches that includes the first commercially successful smartwatch, the Pebble Smartwatch.

The company’s watches connect to both Android and iOS phones, so they can display notifications from the phone.

Despite the acquisition, Fitbit expects revenue in 2017 to dip 20 percent to an estimated $1.5 billion to $1.7 billion. This is less than the $2.4 billion analysts previously projected.

Disclaimer: We have no position in Fitbit Inc. (NYSE: FIT) and have not been compensated for this article.