Tech-giant Logitech has announced that the company has agreed to acquire the popular wireless audio firm Jaybird for $50 million. The deal includes a payment of an extra $45 million based on achieving the additional targets in the market over the next two years.
Jaybird is known for the audio accessories such as its popular Freedom sport earbuds and X3. On the other hand, Logitech is still popular in the world as the maker of computer accessories. But lately, the company has been focusing much on the audio accessories and this acquisition has proven the public’s claim on the companies audio strategies.
Commenting on the acquisition, Judd Armstrong, founder and chief executive officer of Jaybird, said:
“It has been an incredible journey. We love what we do, and we’re stoked to continue to innovate and bring amazing new products to our fans. Jaybird will benefit from Logitech’s global distribution network and deep engineering prowess. We’ve watched as they’ve connected incredible products with passionate consumers under the UE brand, and we’re thrilled to be part of the team.”
Bracken Darrell, Logitech president and chief executive officer, said:
“Logitech and Jaybird share a passion for products. We’re impressed by the technology, products and marketing Jaybird has brought to this business. As one team, we can address the fast-growing wireless audio wearables market with all the advantages of Jaybird’s strong brand and sports expertise, and our combined audio engineering and design capabilities. With both the Ultimate Ears and Jaybird brands in our portfolio, we are expanding the long-term growth potential of our music business.”
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