Logitech announced its plans to acquire popular earbud company Jaybird for $50 million.
Logitech's blog post states that the reason for the company's acquisition focuses on mainly to create a better way for consumers to listen to music in every circumstances. Logitech's Rory Dooley further explained the acquisition by saying, "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."
According to Tech News Today, Logitech is looking to buy the company for $50 million, and an additional $45 million if it manages to hit growth targets over the next couple of years. With Logitech's acquisition could further expand the company's technology beyond PC and speakers which in this case will include audio wearable.
The expansion is certain for big changes to how consumers will utilize music, which earbuds shows that it is the most preferable device for personal on-the-go music, including portable speakers. Over the past few years, the company's engagement in wireless speakers has taken big steps to progress in the market of wireless audio.
CEO and president of Logitech Bracken Darrell said, "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."
Jaybird is known for making Bluetooth earbuds which includes its most recent product called the X3, the company is also known for its fitness tracker called Reign.
