ClearOne acquires wireless microphone manufacturer6 March 2014
ClearOne has announced the acquisition of wireless microphone manufacturer Sabine. The pair had been business partners since 2012 – with Sabine supplying wireless microphones sold under the ClearOne brand – before ClearOne opted to acquire the company to gain ‘reliable and exclusive access to the wireless microphones.’
Under the terms of the transaction, ClearOne will pay approximately $7.5 million (€5.5 million) in cash and $1.5 million (€1.1million) in ClearOne shares. In addition, ClearOne will assume and pay off Sabine debt of $1.25 million (€900,000) and make earn-out payments over the next three years, based on achievement of certain performance criteria.
“The wireless microphone product has performed well and has driven sales across our Pro portfolio since its introduction more than a year ago,” commented Zee Hakimoglu, chairman and CEO of ClearOne. “This strategic acquisition is critical to solidifying our leadership position in this high-growth market and positions us for accelerated development of installed audio and visual collaboration solutions.”
“We look forward to combining resources with ClearOne to offer a complete portfolio of professional products to a global customer base,” said Doran Oster, founder and CEO of Sabine. “We are pleased to join a company with a track record that reflects our shared vision for product innovation and quality.”