The people behind the Vector Watch-Fitbit deal

Several transaction specialists from Romania and Silicon Valley have worked with Vector Watch, the start-up founded by Romanian Andrei Pitis, on the sale to Fitbit.

The terms of the deal have been negotiated throughout 2016 and Fitbit will also establish a development center in Bucharest, Romania, following the deal.

Over the past year, Vector was advised on the disposal by a market-leading team of consultants, including:

Matt Sachse, Managing Director of the technology investment bank Pagemill Partners (a Duff & Phelps Business) based in Silicon Valley;

Charles Welch (formerly of Pagemill Partners, now Co-CEO of Menalto Advisors);

Ted Cominos and Cristina Audran-Proca, Partner and Counsel at the AmLaw 100 law firm, Faegre Baker Daniels Llp;

Marc Van Campen and Leonie Kraakman of Van Campen Liem, a leading law firm in the Netherlands;

Dragos Radu, Radu Ionescu and Nicoleta Gheorghe of EY Law | Radu si Asociatii;

Ionut Simion and Andreea Mitirita of PwC Romania (Tax Services);

The transaction represents yet another high-profile deal involving Romanian-based technology and a USA Silicon Valley-based acquirer in which serial entrepreneur and investor, Radu Georgescu, and venture investment firm Gecad Ventures have been instrumental, according to a statement by Faegre Baker Daniels.

“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, a lead attorney on the transaction at Faegre Bakers Daniels LLP.

Marc Van Campen, name partner of the international Dutch law firm of Van Campen Liem, added: “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”.

Ovidiu Posirca

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