Fitbit has confirmed the acquisition of US smartwatch startup Pebble Technology Corporation in a deal worth a reported just under $40m.

The fitness wristband and wearables company has said that it doesn’t want any of Pebble’s products, however, and is buying the company to get hold of its software engineers and its intellectual property.

Pebble launched via a Kickstarter campaign back in 2012, with the acquisition meaning that the pioneering company will be closed for business.

Confirmation came from Pebble CEO Eric Migicovsky, via a statement on Pebble's blog. It read:

"We have made the tough decision to shut down the company and no longer manufacture Pebble devices. This news has several major implications, and we hope to answer as many questions as possible here, in Kickstarter Update #17, and on our Support site."

The main takeaways were that Pebble will no longer promote, manufacture or sell any devices. While devices will continue to work as normal, functionality and service quality may be reduced in the future and warranty support is no longer available. Kickstarter backers who have not received their rewards will receive a full refund by December 16th.