Misfit Acquired by Fossil Group for $260 Million

Misfit, the pioneering maker of sleek activity trackers that couldn’t break through once bigger brands entered the market, has been sold to one of those bigger brands, the Wall Street Journal reports  Fossil Group has agreed to acquire Misfit for $260 million.

The company, founded by Sonny Vu and which counted former Apple CEO John Scully on its board, was best know for its Shine tracker, a slim aluminum disk with minimal displays and six-month battery life. It was the first tracker to be sold in the Apple Store, and Vu was a frequent speaker on the conference circuit on the subject of branding and packaging of wearables. Misfit pioneered mass sales to corporate HR departments interested in encouraging wellness, and recently upgraded its products to include home control features.

Vu will become president and chief technology officer of connected devices for Fossil Group, and Misfit’s employees will all be given job offers with Fossil, the company said. Misfit had raised $63 million in three rounds of funding during its four years as an independent company.