Tech giant Intel (NASDAQ:INTC) is pumping up its wearable technology portfolio with the acquisition of Vancouver-based smartglasses-maker Recon Instruments.
Recon’s team will become part of Intel’s new devices group but the local workforce is sticking around its Yaletown offices instead relocating to the new parent’s headquarters in Santa Clara, Calif.
The deal closed June 16 but was not announced until June 17. No financial details of the transaction were released.
However, an Intel spokeswoman told Business in Vancouver that reports circulating on blogs pegging the deal’s value at C$175 million were not accurate.
Intel declined a request for an interview.
Recon CEO Dan Eisenhardt was not immediately available for an interview with Business in Vancouver but in a June 17 blog post, he said the deal would give his company greater resources to advance its wearable technology.
“Going forward, we’ll continue leading the smart eyewear category for sports, and we’ll be able to bring our technology and innovation to completely new markets and use cases where activity-specific information, delivered instantly, can change the game,” he wrote.
“The team and I couldn’t be more enthusiastic.”
Recon was the first to develop goggles featuring a wearable heads-up display (HUD) allowing athletes to see their performance metrics projected before their eyes while they exercise.
Intel began investing in the Vancouver startup in September 2013 with a C$4-million capital injection.
Josh Walden, general manager of Intel’s new technology group, said in a June 18 blog post Recon products would continue to ship under its current brand without any disruption to retailers or customers.
“This acquisition gives Intel a talented, experienced wearable computing team that will help us expand the market for head mounted display products and technologies,” Walden wrote.