Vector Smartwatch, when launched, was said to be the ‘magical smartwatch’ because of its 30 days battery life and luxurious design. Vector reinvented the smartwatch category and made its first public appearance in March, last year, and since the launch of their first smartwatch they created a new category in smartwatches called ‘affordable luxurious’ category.
Today, only a year later, Vector in their blog post announced the buyout in a statement on their website. However, the founder and CTO Andrei Pitis confirmed that the company was acquired for its software platform and design team. This doesn’t mean that Fibit will be entering the affordable luxury smartwatch sector.
Their blog post said:
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 knowhow with Fitbit’s experience and global community.
Vector Watch stated that this acquisition will not effect the existing customers in any way. Existing smartwatches would function as usual, warranty and technical support would also go unaffected by this acquisition. However, new features (software & hardware) will not be added.
- Vector Watch devices will continue to work, warranty is valid and technical support is available for all our smartwatches sold worldwide.
- Customers will be able to create and submit for approval designs for new watch faces both for Vector Luna and Meridian. Our platform can be accessed at http://developer.vectorwatch.com and the acceptance policy remains the same.
- Developers will no longer be able to create new streams; however, already published ones can be edited.
- If you want to own a Vector Watch, charging cables and screen protectors, you can find our products on sale within the list of worldwide retailers available online at: http://vectorwatch.com/retailers. Find the closest near to you.
This acquisition comes only after a month of Fitbit acquiring very famous brand Pebble for $40 million. Fitbit also remains the leader in wearables category with 23 percent market share. Acquiring Vector Watch will only help Fitbit grow its consumer base and market share.