It appears that Logitech is looking to expand into the audio wearables market, as the company has announced its intention of buying Jaybird LLC – an Utah-based consumer electronics company that manufactures headphones as well as wearable activity trackers. The deal involves Logitech paying $50 million in cash as well as up to $45 million over the next two years based on achievement of growth targets. Regarding Logitech’s new acquisition, its president and chief executive officer, Bracken Darrell, has stated the following:
“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.”
Those of you who enjoy an active lifestyle might be familiar with some of Jaybird’s most popular products, including its award-winning BlueBuds X and X2 wireless buds. The Logitech acquisition is expected to be completed in the following weeks, and the company’s leaders believe that this will not affect its FY 2017 guidance. The founder and chief executive officer of Jaybird, Judd Armstrong, also had a few words to say about the deal:
“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.”
