Fitbit Acquires Another Smartwatch Company

Fitbit has acquired another smartwatch maker as the consolidation of the cooling wearables market continues.

The company scooped up Vector Watch, a Europe-based luxury smartwatch company, for an undisclosed price.

Vector was launched in 2016. Its devices looked mostly like traditional watches, offering basic features like step tracking and phone notifications alongside generous battery life.

“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 said online. “From the start, we have unceasingly strived to offer an elegant and efficient smartwatch and staying true to our credo: create a timepiece that will give you time for what truly matters.”

In December, Fitbit acquired the crumbling Pebble for $40 million.

According to data from the International Data Corporation’s Worldwide Quarterly Wearable Device Tracker, smartwatch volumes reached 2.7 million units shipped last quarter, a decrease of 51% from the 5.6 million units shipped in the year-ago quarter. Even Apple was not immune to this trend: indeed, the company’s shipments dropped 71%.

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