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Intel drops $100-$150 million on wearables firm Basis says source

Intel spent as much as $150 million to purchase fitness wearable firm Basis to beef up its wearable tech portfolio.

@ShaneMcGlaun
Published Tue, Mar 4 2014 11:42 AM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

One of the hottest categories in the tech world today is wearable devices. There are a number of wearables on the market ranging from smartwatches to glasses like Google Glass. With wearables set to grow significantly, a new rumor is circulating that Intel has made a big purchase to get more wearable tech in its portfolio.

Intel drops $100-$150 million on wearables firm Basis says source | TweakTown.com

Intel is rumored to have purchased a company called Basis. Basis makes wearable watches that record fitness activities for the user. Basis was rumored to have been shopping itself around with Apple and Google among the interested firms.

The purchase has reportedly been made by Intel with one source saying the deal was worth $100 million. A different source claims that Intel paid closer to $150 million for Basis. Basis currently has about 7% of the wearable fitness device market.

Intel is said to have no plans to enter the hardware market and sell devices on its own. Rather, the source says Intel purchased Basis to beef up its chipset portfolio for the wearables market and will use the team from Basis and its tech to build better chipsets to sell to other firms.

NEWS SOURCE:techcrunch.com

Shane is a long time technology writer who has been writing full time for over a decade. Shane will cover all sorts of news for TweakTown including tech and other topics. When not writing about all things geeky, he can be found at the track teaching noobs how to race cars.

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