Accessory maker Zagg, known for its InvisibleShield screen protectors and other Apple-related accessories, today announced an acquisition of mophie, a company that makes external battery packs and battery cases for Apple's iOS devices.
According to a press release from Zagg, its acquisition of mophie will allow it to be the market share leader when it comes to battery cases, external batteries, screen protection, and tablet keyboards. Zagg has paid $100 million at deal closing for mophie, with a caveat that additional money may be paid out based on earnings over a 12 month period from April 1, 2016 to March 31, 2017.
According to a press release from Zagg, its acquisition of mophie will allow it to be the market share leader when it comes to battery cases, external batteries, screen protection, and tablet keyboards. Zagg has paid $100 million at deal closing for mophie, with a caveat that additional money may be paid out based on earnings over a 12 month period from April 1, 2016 to March 31, 2017.
"This strategic combination of two industry innovators with complementary product, brand and distribution platforms will enable us to deliver increased value for our customers and shareholders," said Randy Hales, President and Chief Executive Officer of ZAGG. "We see numerous opportunities to drive revenue growth and increase profitability by leveraging the strengths of both organizations to strengthen product development, improve brand presence, and expand distribution."Going forward, Zagg will keep the mophie brand intact, continuing to sell mophie products under the mophie brand name. Zagg says mophie will retain its identity, messaging, and strategy, but cross-branded protects, like a Zagg tablet keyboard powered by a mophie battery, are possible in the future.
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