Google buys mysterious smartwatch technology from Fossil for $40 million

Today the Fossil Group has announced that it's entered an agreement to sell Google some secret still in development smartwatch technology for $40 million. The deal involves intellectual property related to that technology, as well as some of Fossil's R&D team's members joining Google. The agreement will eventually result in the launch of "a new product innovation that's not yet hit the market", according to Greg McKelvey, EVP and chief strategy and digital officer of the Fossil Group. The mysterious technology in question has been developed by Fossil on top of what it acquired when it...