Chipmaker Intel announced on Tuesday that it has completed its acquisition of San Francisco-based Basis Science Inc., the wearable technology company behind the making of the Basis Band. The deal reportedly cost Intel around US$100 (£60) million, according to TechCrunch.
Basis was formed in 2011 and best known for its Basis Band fitness tracker which tracks sleep, heart rate, calories and steps and sells for US$199. The device also syncs with iOS devices and some Android smartphones via Bluetooth and will continue to be sold through existing retail channels after the deal completes.
"We felt like the momentum Basis had generated on its own would only be greater with the technical, manufacturing, global reach and support resources Intel has to offer," the Basis team wrote in a 'New Beginnings' post on the official blog.
Basis also pointed out that it will join Intel's New Devices Group to help accelerate Intel's focus in the wearable devices market whilst the partnership brings in access to new technology. Jef Holove, the Basis CEO, will become a general manager of the division where Intel focuses on wearable computing and connected devices.
"The acquisition of BASIS Science provides immediate entry into the market with a leader in health tracking for wearable devices," said Mike Bell, Intel vice president and general manager of the company's New Devices Group. "As we accelerate our position in wearables, we will build upon this foundation to deliver products that bring people greater utility and value."
Tracing back to CES 2014 in January, we saw Intel's commitment to wearables as CEO Brian Krzanich showed off some devices including Smart ear buds, a Smart headset, a Smartwatch and a Smart charging bowl. With Apple's rumoured smartwatch, Samsung's Galaxy Gear 2 and Google's recent Android Wear products including the Moto 360 by Motorola and LG's G Watch, it is not to our surprise that Intel has stepped up its investment in this market. The competition here is gradually heating up as a rising number of companies are seeing it as a source for the next wave of tech innovation and consumer cash.