RICHARDSON, Tx, Nov. twelve, 2015 (GLOBE NEWSWIRE) — Fossil Team, Inc. (NASDAQ: FOSL) nowadays announced that it offers entered into the definitive contract to acquire Misfit, Inc., a good innovator within wearable technologies and fashionable connected products. The buy will allow Fossil Team to broaden its addressable market, providing consumers each traditional watches and popular connected components. Misfit produces in Fossil Team a scalable cloud plus app system, a worldclass software plus hardware executive team, the native wearable technology brand name and a pipeline of revolutionary products.
“We have a substantial opportunity to include technology plus connectivity throughout our system of timepieces and components, ” stated Kosta Kartsotis, chief executive officer associated with Fossil Team. “With the particular acquisition of Misfit, Fossil Team will be distinctively positioned in order to lead the particular convergence of fashion and technologies and to end up being the fashion entrance to the high-growth wearable technologies and linked device marketplaces. ”
The particular acquisition may enable Precious Group in order to:
- Personal a technologies platform which has already resolved many of the most difficult problems within wearables, which includes battery life.
- Range Misfit’s technologies across Precious, Skagen plus a targeted part of its profile of sixteen brands within 2016, eventually accelerating you can actually connected item roadmap.
- Increase its addressable market along with new submission channels, new items, new brand names and brand new enterprise relationships, including songs, fitness, health care and electronic entities.
- Business lead in the linked devices room by taking the power of the world-class software program and equipment engineering group spearheaded simply by Misfit Creator, Sonny Assisté à.
“We fundamentally think consumers value both specialized functionality plus fashionable style. In fact , one particular without the various other is simply inadequate. With the purchase of Misfit, Precious Group is going to be positioned in order to win using the connected customer, ” stated Greg McKelvey, chief technique and electronic officer associated with Fossil Team. “Our worldclass design plus global submission, combined with Misfit’s technology system, creates a considerably advantaged, multi-brand and worldwide wearable technologies business ready to drive the particular convergence associated with fashion plus technology. inch
“We are usually thrilled to participate forces along with Fossil Team to usher in the next period of wearables where style, beauty plus long-lasting wearability are extremely important, ” stated Sonny Assisté à, founder plus chief executive officer associated with Misfit. “Together, we will bring in products that will blend Misfit’s seamless, user-friendly technology plus user experience of the design, design and logos that is the characteristic of Precious Group. inch
Deal Details
Fossil Team expects the particular acquisition in order to close prior to the end associated with fiscal 2015, subject to normal closing situations and regulating approval. The price of dollar 260 mil, including deal costs, is going to be funded via a combination of money on hand plus bank financial debt.
Sonny Assisté à will act as president plus chief technologies officer associated with connected products for Precious Group, Incorporation., and will be a part of the carrier’s executive management team.
Notice related pr release titled, “Fossil Group, Incorporation. Reports 3rd Quarter Financial 2015 Results” for additional information regarding the buy.
Regarding Fossil Team, Inc.
Fossil Team, Inc. is really a global style, marketing and submission company that will specializes in customer lifestyle plus fashion accessories. You can actually principal products include a comprehensive line of mens and can certainly fashion timepieces and jewellery sold within diverse profile of amazing and certified brands, totes, small leather-based goods plus accessories. You can actually products are offered to malls, specialty stores and specialized watch plus jewelry shops in the Oughout. S. and approximately a hundred and fifty countries globally through twenty six Company-owned international sales subsidiaries and a system of approximately seventy five independent vendors. The Company furthermore distributes usana products in more than 600 Company-owned and managed retail stores, by means of its global e-commerce web sites and with the Company’s Oughout. S. web commerce website from www.fossil.com. Particular press release plus SEC submitting information regarding the Company can also be available at www.fossilgroup.com.
Regarding Misfit
Misfit invents and produces connected wearable products offered around the world from various merchants and on www.misfit.com. The Company opened in 2011 simply by Sonny Assisté à with Steve Sculley, the previous CEO associated with Apple plus Pepsi, plus Sridhar Iyengar, co-founder plus former CTO of AgaMatrix.
Secure Harbor
Certain claims contained thus that are not really historical specifics, including long term earnings assistance as well as approximated impacts through foreign currency interpretation and restructuring charges, make up “forward-looking statements” within the which means of the Personal Securities Lawsuit Reform Behave of 1995 and include a number of dangers and questions. The actual outcomes of the future activities described such forward-looking claims could vary materially through those mentioned in such forward-looking statements. One of the factors which could cause real results to vary materially are usually: changes within economic developments and economic performance, adjustments in customer demands, preferences and products, lower amounts of consumer investing resulting from an over-all economic downturn, changes in marketplace demand leading to inventory dangers, changes within foreign currency swap rates, dangers related to the particular acquisition plus integration associated with Misfit, as well as the outcome of present and probable future lawsuit, as well as the dangers and questions set forth within the Company’s Yearly Report upon Form 10-K for the financial year finished January a few, 2015 submitted with the Investments and Trade Commission (“SEC”). These forward-looking statements depend on our present expectations plus beliefs regarding future advancements and their particular potential impact on us. Whilst management feels that these forward-looking statements are usually reasonable when made, there may be no confidence that long term developments impacting us is going to be those that all of us anticipate. Visitors of this discharge should consider these types of factors within evaluating, and they are cautioned never to place excessive reliance upon, the forward-looking statements included herein. The business assumes simply no obligation in order to publicly revise or modify any forward-looking statements, regardless of whether as a result of brand new information, long term events, or perhaps, except since required legally.
– Notice more from: http://globenewswire.com/news-release/2015/11/12/786802/10156009/en/Fossil-Group-Inc-to-Acquire-Wearable-Technology-Innovator-Misfit.html#sthash.Qle7xsaq.dpuf
Source=AndroidPolice
Precious Acquires Health and fitness Wearable Business Misfit For the Cool $260 Million Within a Quest For Fashion-Forward Tech
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