IBM has purchased Pebble for around $1 billion, its largest ever acquisition, in a deal that also includes a stake in smart home startup Exzel, the Wall Street Journal reported.
The move comes as the world’s most popular wearable smartwatch is experiencing a growing interest from consumers and businesses around the world, the WSJ reported.
Pebble, which is based on Google’s Android platform, has a robust community of enthusiasts and early adopters.
The company recently added a mobile app for iOS and Android, and is launching a wearable version of its smartphone, the Exzel.
The deal, which was reported on Wednesday, also includes an 8% stake in Exzel in the form of a 10% stake.
Pebble’s founder, Jaron Lukasiewicz, is expected to continue to run the company as CEO and head of the Exelon Group.
Exelons founder, Steve Jacobs, is also in the running to lead the company.
“Exelons vision is to build the best wearable smart watch ever made,” Jacobs said in a statement.
“It’s our belief that Exelos smart watch is a product that will set the standard for smart wearables.”
Exelonics is currently the only company in the wearable smart wearable market that offers a standalone smartwatch.
In May, Exelones CEO and co-founder Jaron Lubavits said that the company was planning to launch a standalone version of the smartwatch by the end of the year.
“We are working on an update to our smart watch that will be ready for you by the first quarter of 2019,” he said at the time.