has agreed to acquire privately held SightSpeed
for approximately $30 million in cash. SightSpeed is an award-winning provider of high-quality Internet video communications services. The acquisition is subject to customary closing conditions and is expected to close in early November.
The acquisition of SightSpeed will provide Logitech with video calling technology and a software and services development team that can be focused on future video calling initiatives that can enable cross-platform video communications with an intuitive, lifelike experience, for people sitting in front of a personal computer or with their family in a living room.
SightSpeed has approximately 25 employees. The company’s management team includes technology leaders with backgrounds in Internet services and software technology development. The SightSpeed services are based on SIP, a standard that enables the services to be interoperable with other Internet communication services.
Impact on Financial Results for Current Fiscal Year
The impact of the acquisition on Logitech’s current fiscal year results is not expected to be material.