Oh no they owned the fitness tracker market prior, the initial Smartwatch product, the Ionic, was a flop, seemingly their launch of the Versa helped because it was a stylish smartwatch with the fitbit brand and focus, the software was still quite bad compared to Google and Apple's efforts. I would go further to say that Pebble's product was actually much better.
Versa also has hardware design errors, it allows water to leak in (trough HR sensor's bad adhesive seal) with regular use causing massive return rates.
