Following reports from earlier today, Fitbit has officially announced that it is acquiring "specific assets" of Pebble that includes "key personnel and intellectual property related to software and firmware development." No monetary terms were disclosed, but Bloomberg's report suggested the deal was valued under $40 million.

Pebble shuts down

Fitbit co-founder and CEO James Park said in the official announcement that Fitbit is now "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."

Following the acquisition, Pebble will cease to operate as an independent entity. The company has already stopped taking any new orders, and has mentioned that warranty support is no longer available. Pebble has also clarified that Kickstarter customers awaiting their orders will receive refunds within 4-8 weeks.