Fitbit continues to acquire talent and technology with latest grab of Vector
The Vector Watch came on to the market last year with much fanfare. The watch, designed by engineering talent from Romania and marketed by business folks from London, fit a new niche in the “affordable luxury” smartwatch sector.
Vector Watch acquired by Fitbit.
Less than a year later, Vector Watch has been acquired by Fitbit, a leader in the wearables market, for an undisclosed sum, according to a story on TechCrunch.
The Vector acquisition is just the latest by Fitbit, the company that acquired smartwatch pioneer Pebble in November, gaining its vaunted development team in the process. Before that, Fitbit bought the assets of wearables payment startup Coin, and previously procured Fitstar in 2015 in a $17.8-million deal.
Sales for smartwatches have slowed, and so have shares of Fitbit stock. The company’s stock price was at $47.60 at its peak last July, but shares have fallen to $7.40 lately.
With the Vector acquisition, Fitbit appears interested in the innovative talent from Vector to become a major player in the wearables industry. The Vector Watch boasts a 30-day battery life and a control app that worked on iOS, Android and Windows mobile operating systems. They also looked good, with more fashion-forward options than the plastic-looking Fitbit.
On its website, Vector Watch announced the move with a statement:
Today, we are happy to announce that the Vector Watch team and our software platform are joining Fitbit, the leader in the connected health and fitness market! We believe this is an important milestone as a moment when we will start building other new and amazing products, features and experiences, incorporating our unique technology and know-how with Fitbit’s experience and global community.
Our aim is to make our integration in the Fitbit family as seamless as possible with no impact on you, our customers. Our smartwatches will maintain functionalities and features. You will continue to enjoy the Vector Watch experience: a 30-day battery life smartwatch, with customizable watch-faces and dedicated streams. However, new product features (software and hardware) will not be added.
The statement went on to say that the customer support team will respond to owners’ needs and questions, and that they will address warranty issues.
It was followed by an overview and FAQ.