Intel confirms (and completes) the acquisition of health tracker maker maker Basis Science in an effort to accelerate its push into the wearable electronics business.
The news was revealed earlier this month by TechCrunch in a report claiming Intel paid up to $100-150 million for the company.
Chipzilla will apparently not use Basis to directly sell wearable products, but instead it will develop reference devices, SoCs and other technologies for use by other vendors. In other words, Basis will serve as an advert for Intel-powered wearables against the Qualcomm, Texas Instruments and STMicroelectronics competition.
Following acquisition the entire Basis team joins the Intel Devices Group, the recently formed (May 2013 to be precise) division with a focus on wearable and connected technologies. It will also continue supporting current customers and selling Basis bands through existing retail channels.
"Intel is a great fit for Basis products, employees and consumers," Basis Science CEO turned Intel Devices Group general manager Jef Holove says. "The acquisition brings access to Intel resources, expertise and global scale as we work together to explore new possibilities of wearable technology."
Basis was reportedly on the selling block for some time, with the likes of Google, Apple, Samsung and even Microsoft making offers. Were these companies outbid by Intel, or did they simply lose interest?
