Fitbit Announces Acquisition Of Pebble Assets

Fitbit Inc. shares climbed 3% Wednesday after the company announced that it has acquired some assets of smartwatch maker Pebble. Fitbit said it acquired key personnel and intellectual property from Pebble, but it did not acquire the company's hardware products. The acquisition will give Fitbit faster delivery of new products and speed up the development of third-party applications and other features for Fitbit Group Health customers, the company said. The transaction was completed on December 6. Shares of Fitbit have fallen 8% in the past month, compared to the S&P 500's gain of 4%.