Fitbit Inc., San Francisco, in the last month acquired London-based Vector Watch, in addition to intellectual property and personnel from fellow San Francisco smartwatch company Pebble.
Vector Watch executives called the acquisition an “important milestone” for the two-year-old brand, according to a company press release.
“Our aim is to make our integration in the Fitbit family as seamless as possible with no impact on you, our customers,” the release said.
Vector Watch’s entire software platform will now operate under the Fitbit umbrella, but already-existing products and most product features will not be affected. (Users will not be able to create and submit new informational Streams moving forward.) No future Vector Watch products and updates are planned, according to the release, but warranties will be honored.
“[W]e will start building other new and amazing products, features and experiences, incorporating our unique technology and knowhow with Fitbit’s experience and global community,” the release said.
Vector Watches will remain available for purchase through select retailers worldwide.
Fitbit’s Pebble acquisitions, on the other hand, are related to software and firmware, according to a Fitbit press release, and will not include Pebble’s watches and ancillary hardware. Fitbit executives anticipate the new resources will allow for increased efficiency among Fitbit products, features and functionality, primarily through accelerated research development.
“With basic wearables getting smarter and smartwatches adding health and fitness capabilities, we see an opportunity to build on our strengths and extend our leadership position in the wearables category,” said James Park, CEO and co-founder of Fitbit. “With this acquisition, we’re well positioned to accelerate the expansion of our platform and ecosystem to make Fitbit a vital part of daily life for a wider set of consumers, as well as build the tools healthcare providers, insurers and employers need to more meaningfully integrate wearable technology into preventative and chronic care.”
In November, Fitbit reported a 24 percent increase in its third quarter earnings to $503.8 million. Executives said new products such as the Charge 2 and Flex 2 contributed to the company’s financial growth.