Rumors that Fitbit would be acquiring the smartwatch developer “Pebble” have been circling around the tech-industry for the past few weeks now, and for the most part the rumors seem to have been correct. While Fitbit won’t be acquiring all of Pebble’s properties and holdings, a large portion of the company will be moving towards Fitbit in the future.

Fitbit officially announced today that the company has acquired specific assets of Pebble, including key personnel and intellectual property related to software and firmware development. The acquisition excludes the company’s hardware products.

In a statement released by Fitbit the company talks about the acquisition, saying, “The additional resources will facilitate the faster delivery of new products, features and functionality while introducing speed and efficiencies to develop the general purpose utility consumers value in a connected device.” The company went on to say, “The acquisition will also accelerate the development of customized solutions and third party applications for Fitbit Group Health customers and partners, including researchers, employers and providers.”

“With basic wearables getting smarter and smartwatches adding health and fitness capabilities, we see an opportunity to build on our strengths and extend our leadership position in the wearables category,” said James Park, CEO and co-founder of Fitbit. “With this acquisition, we’re well positioned to accelerate the expansion of our platform and ecosystem to make Fitbit a vital part of daily life for a wider set of consumers, as well as build the tools healthcare providers, insurers and employers need to more meaningfully integrate wearable technology into preventative and chronic care.”

Fitbit recently launched an entirely new product line, including the Flex 2 and the Charge 2, which have become popular sellers on sites like Amazon this holiday season. The company also found success in selling smaller fitness trackers like the Fitbit Zip and the Fitbit Alta. If you’re still shopping around for activity trackers this holiday season, you can find most of Fitbit’s line at discounted prices this year on sites like According to the company’s announcement today, the Pebble transaction was completed on December 6, 2016.