Intel confirmed the acquisition of smart band maker Basis Science as the chip maker competes with leading tech companies in the emerging wearable space.

Intel, the renowned chip maker, has acquired Basis Science, the maker of Basis Tracker Health watch.in a bid to get a better grip over the wearable market. The chip maker announced Tuesday the completion of Basis acquisition but failed to disclose the financial details of the deal.

A report from earlier this month speculated about Intel's acquisition of Basis for about $100 million to $150 million. Even before that, Basis was reportedly out in the market looking for potential buyers including Google, Apple, Samsung and Microsoft. Intel's acquisition of Basis fits the profile as the chip maker recently unveiled its first smartwatch prototype at the Consumers Electronics Show in January.

"The acquisition of BASIS Science provides immediate entry into the market with a leader in health tracking for wearable devices," Mike Bell, Intel vice president and general manager of the company's New Devices Group, said in a press release, Tuesday. "As we accelerate our position in wearables, we will build upon this foundation to deliver products that bring people greater utility and value. I'm confident that our collective resources and expertise positions us well for the future."

The acquisition will not alter the way Basis supports and sells its health tracking band through its existing channels. The California-based chipmaker, however, will use the startup's expertise compete in the wearable category.

"Intel is a great fit for Basis products, employees and consumers," Jef Holove, former BASIS Science CEO, a general manager in Intel's New Devices Group, said in a press release following the acquisition. "The acquisition brings access to Intel resources, expertise and global scale as we work together to explore new possibilities of wearable technology. Meanwhile, keeping our existing team intact ensures we can remain focused on our mission of improving the health and well-being of people."

Basis Tracker Health watch has a mere 7 percent market share. The competition is extreme with giants like Jawbone taking control of 21 percent market share. Intel's ownership will help the startup to compete against bigger companies like Qualcomm, Texas, Instruments, STMicroelectronics, which are all chipmakers with some presence in the wearable space. Other companies like Samsung and Pebble will also challenge Intel if it enters the smartwatch race anytime soon.