Fitbit Inc. has agreed to acquire troubled smartwatch maker Pebble, according to media reports.

Tech news site The Information first reported the deal and said Fitbit would acquire Pebble’s assets, including intellectual property and software. The Pebble brand will be phased out.

A source told TechCrunch the offer price is between $34 million and $40 million. Pebble, which laid off 25 percent of its staff earlier this year and has faced debt challenges, has reportedly been searching for a buyer for some time.

Pebble became one of the original wearable darlings after a hugely successful Kickstarter campaign in 2012 for its Pebble smartwatch.

Fitbit declined to respond to the reports and Pebble hasn’t responded.

Photo courtesy Pebble