US technology group Intel has acquired Basis Science, a start-up company that develops wearable health-based devices to track heart rate and calories burned etc. in a deal which is thought to be worth $100 million (£60 million).

In a statement Mike Bell, Intel vice president for the New Devices Group said: "The acquisition of Basis Science provides immediate entry into the market with a leader in health tracking for wearable devices. As we accelerate our position in wearables, we will build upon this foundation to deliver products that bring people greater utility and value."

According to reports, the value of the wearable technology market crossed $4bn last year, and is expected to more than double by 2018.