Intel Enters The Fitness Market With Basis Acquisition
BASIS Science, creator of wrist-watch format health tracker, has been acquired by Intel for $100 Million to $150 Million in cash.
The “Basis Band” incorporates web and mobile services with health monitoring to measure physical activity, heart rate and biometrics to help people improve their fitness, reduce stress and sleep better. The $200 device (pictured above in carbon steel) has been on sale for more than a year.
The Basis acquisition helps Intel expand into the hotly contested wearables market. At CES2014, Intel promoted their intentions to have “Intel Inside” for anything that computes and connects. They are looking to capture market share for the coming billions of devices that are part of the Internet of Things (IoT), including wearable technology, digital health services and the fashion markets. The deal with Basis provides Intel’s existing development team a quick boost into this area.
Mike Bell, Vice President at Intel explained:
We get immediate entry into the market with an experienced team that has one of the leading products in the market. One of the really exciting things from my perspective is that, as we build software and services for this market, this gives us access to real information from someone who is already in direct contact with users.
Jef Holove, former Basis Science CEO (and now general manager in Intel’s New Devices Group), added his take on the deal:
You can imagine that being part of this family gives us access to resources that we only dreamed of as a starup. Intel is a great fit for Basis products, employees and consumers. The acquisition brings access to Intel resources, expertise and global scale as we work together to explore new possibilities of wearable technology. Meanwhile, keeping our existing team intact ensures we can remain focused on our mission of improving the health and well-being of people.
You can still purchase the Basis band, which will continue to be sold through existing retail channels.
(Image Credit – Basis Science )
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