Skagen watch maker Fossil Group Inc. (Nasdaq: FOSL) is buying VC-backed mobile software developer Misfit Inc. for $260 million in cash.

Under the Shine brand, Misfit makes cloud-based programs for smart watches that are designed to monitor daily activities, such as fitness and sleep. Founded in 2011, the target has raised around $64 million from GGV Capital, Horizons Ventures, Founders Fund, Xiaomi, JD.Com, Norwest Venture Partners and Khosla Ventures. In addition to its Fossil and Skagen brands, Richardson Texas-based Fossil also licenses Michael Kors, Diesel and DKNY.

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