Logitech has officially acquired Jaybird, a popular wireless audio device maker, today. The deal is worth US $50 million in cash, with an additional earn-out of up to $45 million, which is based on achievement of growth targets over the next couple of years.
Judd Armstrong started Jaybird in 2006 and he plans to stay on with the company for the imminent future. Logitech does not expect the acquisition to materially impact its FY 2017 guidance. “The acquisition is subject to customary closing conditions and is expected to close in the coming weeks,” said Logitech.
Regarding the new acquisition, 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.”
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.”