Logitech is continuously expanding its audio portfolio, and it's doing that even further with the acquisition of Jaybird, an audio device manufacturer, for US$50 million in cash.
The famous mouse and keyboard company based in Switzerland recently announced on its company blog its recent purchase of Utah-based Jaybird. Jaybird is known for its fitness-focused wireless earbuds and trackers. Logitech also acquired Ultimate Ears back in 2008 which manufactures premium speakers.
Rory Dooley, Logitech's senior vice president of music, stated, "The way we consume music has changed radically over the past decade and will continue to do so as we look to the future. Music now goes with us everywhere and as both a shared or solitary experience, it can be integrated into pretty much all aspects of our daily lives thanks to the type of products that both UE and Jaybird have been inventing and commercializing over the last few years."
In addition to the cash, Logitech is willing to add US$45 million more if, after two years, growth targets are achieved by the audio company, Business Wire reported.
This may not be a far-fetched goal for Jaybird at all. They are one of the prominent manufacturers in the field and have been in the industry since 2006.
Judd Armstrong, founder and CEO 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."
Logitech has been in the computer accessories industry for the past 30 years. It is well-known for its mouse, keyboard and webcam. Through the years, it has added its own line of audio speakers, both conventional and wireless. It also has a gaming series of accessories such as speakers and gaming headsets. The company also manufactures tablet accessories like cases, covers, and keyboards as well as smart home remote controls and associated products.
