In a statement, Intel said it has acquired Basis Science, the privately-held maker of a wristwatch health tracker.

A media report had previously broken news of the takeover but Intel had been unwilling to confirm the deal when asked by Mobile World Live.

The report put a $100 million to $150 million price on the purchase but Intel’s latest statement did not reveal the price.

It did, however, supply the reasoning behind the deal, which is accelerating the chip giant’s progress in wearable products, as well as bringing on board new technology and management with expertise in the field.

Basis’ health tracker will continue to be sold through existing retail channels. The firm will also begin work on future wearable initiatives, working closely with its new parent.