Intel Snaps Up Wearables Startup for More Than $100M
Intel Corp. (NASDAQ:INTC) won an auction to buy Basis, which makes a health-tracker watch with advanced sensors, for a rumored $100 million to $150 million, according to sources who spoke to TechCrunch.
Earlier last month, there was speculation over whether Apple (NASDAQ:AAPL) or Google (NASDAQ:GOOG) might be interested in buying the company, which is perhaps best known for making a device that provides some of the most accurate data of any of the currently available products in the health watch lineup.
But the announcement may lead readers to wonder: Why Intel? Why not Apple, or Google, companies that actually produce branded hardware?
TechCrunch and PCWorld suspect the buy was a bid to stay competitive in a tech market that seems to have gone crazy for wearables within the past year or so. As previously reported, Apple has rounded up a team of fitness and health experts to presumably assist on its star-studded iWatch team, although the iWatch itself has yet to be officially announced.
There’s also been a lot of speculation around a Google smartwatch, which many believe is “imminent,” and tech companies like Samsung, Motorola, Sony, LG, and HTC have already jumped into the market, although the results have largely been a bit of a letdown. Even Qualcomm, another chip-making company, has released its version of the smartwatch — the company’s Toq was launched in November.