US wearable technology company Fitbit has acquired the software behind European smartwatch brand Vector for an undisclosed sum.
Vector, which makes high-end smartwatches at its technology hub in Romania, is headquartered in London. It launched its smartwatch brand, Vector Watch, last year offering a line of 12 smartwatch models in classic and contemporary styles with the promise of a long battery life.
“With the addition of the Vector Watch team, we are establishing a cutting-edge development center in Bucharest, Romania, further building our global engineering capabilities and expanding our presence in EMEA”, Fitbit said.
“We believe this is an important milestone…incorporating our unique technology and knowhow with Fitbit’s experience and global community,” Vector said.
Smartwatch sales are now experiencing an overall decline so the industry expects to see further consolidation. According to recent IDC figures, shipments fell by more than 50% year-on-year.
The acquisition of Vector’s asset comes following the recent announcement that smartwatch developer Pebble is to close. Acquisitive Fitbit will also acquire its assets, including the development team.