Faegre Baker Daniels, EY Law, and Van Campen Liem have advised the European luxury smartwatch brand Vector on the company's acquisition by Fitbit. The value of the deal was not disclosed.
"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 in a statement.
"We believe this is an important milestone … incorporating our unique technology and know-how with Fitbit’s experience and global community," Vector said in a statement posted on its web site.
The Faegre Baker Daniels team consisted of Partner Ted Cominos and Cristina Audran-Proca. The Van Campen Liem team consisted of Partner Marc Van Campen and Leonie Kraakman. The EY Law | Radu si Asociatii team consisted of Dragos Radu, Radu Ionescu, and Nicoleta Gheorghe.
“This is a perfect illustration of the huge potential of the vibrant Romanian tech industry. I am certain that this year we will see other headline success stories coming from this space, as local companies become ripe for investments, exits, and perhaps even IPOs,”, said Cristina Audran-Proca. “It is great to see growing Silicon Valley awareness of, and interest in acquiring, the cutting edge technologies and exceptional technical expertise that Romania has to offer,”, added Ted Cominos.
“One more example where the Dutch-Romanian connection in the VC and PE structures proves to work well until exit, and we were a witness,” commented Marc Van Campen of Van Campen Liem.
Vector also received advice by Matt Sachse of the technology investment bank Pagemill Partners, Charles Welch (formerly of Pagemill Partners, now Co-CEO of Menalto Advisors), and Ionut Simion and Andreea Mitirita of PwC Romania on Tax matters.
The identity of counsel for Fitbit was not disclosed.