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Logitech To Acquire Video Conferencing Company LifeSize For $405m
Nov 11 2009, 2:00am CST | by Luigi Lugmayr
Today Logitech announced that it has agreed to acquire privately held LifeSize Communications of Austin, Texas for $405 million in cash.
LifeSize offers high definition (HD) video communication solutions, with more than 9,000 video conferencing customers across 80 countries in large enterprises, small-to-medium businesses (SMBs) and public healthcare, education and government organizations.
Logitech must be doing really well. They are now expanding into new business areas regularly.
Logitech bought Slim Devices to get into internet radio and also bought Harmony remote maker Intrigue Technologies in 2004.
"We expect this acquisition to enable Logitech to extend our leadership in video communication beyond the desktop," said Gerald P. Quindlen, Logitech president and chief executive officer. "Together we can make life-like, HD-quality video communication as mainstream and seamless as a telephone, for meeting participants in the boardroom, at their office desk, in a remote-location meeting room, telecommuting from home or on the go with a laptop."
Logitech plans for LifeSize to operate as a separate division in Austin under the leadership of Mr. Malloy as the LifeSize Communications chief executive officer, reporting to Mr. Quindlen. LifeSize expects approximately $90 million in revenue in CY 2009, with CY 2010 revenue expected to grow between 40 percent and 60 percent. Logitech expects the acquisition to be neutral to slightly positive to its operating income (excluding acquisition-related charges) in FY 2011, ending March 31, 2011, and positive thereafter.
Via this Logitech announcement.
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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years
experience in the technology field to the ever evolving and exciting
world of gadgets. He started I4U News back in 2000 and evolved it into
vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.
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