Today, another accessory manufacturer has been acquired. Logitech is swooping up Jaybird, which makes Bluetooth headphones and activity trackers.
The terms of the deal have Jaybird selling for $50 million USD in cash, with an additional earn-out that could see another $45 million added to its pot, which is based on “achievement of growth targets over the next two years.”
Bracken Darrell, Logitech president and CEO, 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.”
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.”
Jaybird was founded in 2006 by Armstrong, who plans to stay on with the company for the imminent future. Logitech notes this acquisition “is subject to customary closing conditions” but should close in the next few weeks.
“With both the Ultimate Ears and Jaybird brands in our portfolio, we are expanding the long-term growth potential of our music business,” Darrell said.