With the focus of customers shifting from smartphones and tablets to wearable devices, companies both tech giants and startups are busy developing their own wearable device for the market. However, with an increase in the competition in this sector, it is the startups and companies with limited funding that are struggling to survive. According to a recent report from TechCrunch, Basis Science, the company behind the Basis Health Tracker Watch is preparing itself for an acquisition, although a suitable company for the purpose is not yet found.
According to their sources, Basis Science is looking to sell itself to notable companies like Google, Microsoft etc. over the past few weeks. They even approached Apple for the same, mentions the report. The company is looking for a deal under $100m which would provide a fair return to its investors and would help them develop the fitness centric smart watch to the next level.
Basis Health Tracker smart watch was released way back in 2012 and was one of the first smart watches to make it to the market. Many experts even praised the watch for its accurate readings and some even say it’s still the best fitness centric smart watch around in terms of accuracy. However, the praises about the device stops there. The old fashion design is one of the biggest drawbacks of the device. With newer and better looking alternatives like Nike Fuelband and Jawbone UP, customers naturally preferred the latter.
Although, the market share of the company is still unknown, reports suggest that it may not be much. According to Canalys, Basis Health tracker contributed less than 8% to the total fitness wearable sales in the second half of 2013, which shows that the company is not doing so well.
But given that it’s still considered the most accurate smart watch, further development of the device may help it compete with other major brands. But this is only possible with more funding, i.e. by a possible takeover by a large corporation willing to spend some amount of money for its development. And if all else fails the last option for Basis Science is to look for a C round funding.
Although these reports are still unconfirmed, Basis Science may end up with some large corporation soon. Google seems to be the most favorable option because of its interest in the wearable segment as mentioned by earlier rumors and its eagerness to acquire interesting startups (like NEST). Stay tuned for more information on the possible takeover.
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