Fitbit recently acquire European smart watch startup company Vector which is known for its high-end product. The acquisition is expected to increase quality of the company’s product to target high-end market for wearable devices.
The San Fransisco-based company has acquired team and software platform of European smartwatch maker Vector Watch as reported by Fortune. However, the detail of acquisition has not been revealed.
According to Tech Crunch, Vector Watch is a company that offer something different when they began to launch their product in 2015. Vector Watch provide their customers with affordable luxury. With its headquartered in London with engineering hub in Romania and managed by Citizen watches executives, Vector Watch start to deliver their product to the market since last year.
Vector Watch offers their fashionable product lines for people who care about fashion and technology. They have developed three models to offer their customers, Performance, Contemporary, and Classic. Each of them is equipped with battery that can last to 30 days.
Prior to acquire Vector Watch, Fitbit acquired Pebble on Dec.7, 2016 and took over the important assets of Pebble including their key personnel. But the acquisition excluded the Pebble hardware products.
Fitbit was founded in 2007 by James Park and Eric Friedman. Park is the CEO and manage the business side while Friedman was appointed CTO to handle the technical aspects of the products. The company listed in New York Stock Exchange since June 2015, and their focus is to produce wearable device. They perform quite well, until sales of the wearable devices dropped in 2016.
Subsequently, the company’s share also lost its value in the market and dropped by 75 percent until the end of 2016. Therefore, Fitbit planned a strategic move to narrow down their product. They are now offering smartwatch with a digital healthcare device rather than just a consumer electronics company.
The company expects that the new product lines will boost the sales and regain trust from shareholders and investors. Watch the product line of Fitbit from Fitbit Official Youtube channel below:
