US based high-end speaker maker Sonos has acquired a Netherlands-based speaker company called Mayht Holding BV.
Sonos has acquired Mayht for approximately $100 million in cash.
In a press release announcing the buyout, CEO Patrick Spence claims that “this strategic acquisition” gives Sonos “more incredible people, technology and intellectual property that will further distinguish the Sonos experience enhance our competitive advantage, and accelerate our future roadmap”.
Mayht specializes in professional, automotive, bluetooth and voice-assisted home speakers.
Sonos says that Mayht has “invented a new, revolutionary approach to audio transducers”.
Sonos is a publicly traded company in the US, on the NASDAQ.
The speaker firm says that further details about the acquisition will be provided on its Q2 earnings call in May.
The acquisition follows Sonos’ $7.99-per-month HD Radio subscription service launch at the end of 2020.
Sonos’ Radio HD service roll out followed the launch of the company’s ad-supported Sonos Radio streaming service in April 2020.
Patrick Spence has served as Sonos’ CEO since 2017 following the departure of former CEO and founder John McFarlane.
“Mayht’s breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio.”
Patrick Spence, Sonos
“Mayht’s breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio,” said Patrick Spence, Sonos CEO.
“This strategic acquisition gives us more incredible people, technology and intellectual property that will further distinguish the Sonos experience, enhance our competitive advantage, and accelerate our future roadmap.”
“We are very excited and proud to become a part of Sonos.”
Mattias Scheek, Mayht
Mattias Scheek, CEO of Mayht, added: “We are very excited and proud to become a part of Sonos.
“Our dream has always been to set a new standard in the audio industry. The integration of our technology into Sonos products will further revolutionize high quality sound.”Music Business Worldwide
