Mad Catz Acquires TRITTON Technologies
The leading third-party interactive entertainment accessory provider, Mad Catz Interactive, announced today that it has acquired one hundred percent of the stock of a privately-owned California-based provider of gaming audio headsets and high-performance multimedia consumer electronics and computer peripherals, TRITTON Technologies. Total consideration for the acquisition includes one million dollars in cash at closing which is subject to a working capital adjustment, and also a maximum of nine million dollars in cash over the next five years, which is subject to the sales performance of the products of TRITTON Technologies. TRITTON Technologies generated approximately eight million in revenue from sales to consumers in North America, in 2009.
The gaming heads of TRITTON Technologies are the core products of the company, retailing from $69.99 to $169.99. They represent a variety of quality audio products that meet the interests of all gamers. TRITTON Technologies audio headsets can work on all the gaming platforms and computers of today. They also feature a range of additions which are unique, like the true Dolby Digital surround sound. TRITTON Technologies also offers a variety of video products using the USB Interface, including simple solutions to add multiple displays to either MACs or Windows-Based Personal Computers.
President and Chief Executive Officer of Mad Catz, Darren Richardson, stated that the gaming headset category is one of the fastest growing within the gaming sector, and that the acquisition of TRITTON significantly enhances the opportunities of Mad Catz in this very attractive market segment. He also said that TRITTON has developed an attractive portfolio of premium products and a brand that resonates strongly with gaming enthusiasts. Darren Richardson also explained that additionally, this acquisition further diversifies the revenue of Mad Catz and is consistent with their strategy to create shareholder value by leveraging their global capabilities with high-value products that enhance the gaming experience.
Mad Catz will also enter into an employment agreement with the founder of TRITTON, Christopher Von Huben, pursuant to the terms of the agreement. A limited number of other key TRITTON employees are also included.
Mr. Von Huben commented that they are thrilled to be joining the Mad Catz organization, and that TRITTON has built a successful brand and lineup of gaming audio headsets and computer peripheral products. He said that he is confident that with the global capabilities of Mad Catz, they can significantly increase their market penetration and more rapidly grow the TRITTON brand.