FREMONT, Calif. & ROMANEL-SUR-MORGES, Switzerland, Oct 28, 2008 (BUSINESS WIRE) --
Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced that the company has agreed to acquire privately held SightSpeed Inc. of Berkeley, Calif. 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.
"With this acquisition, we are significantly
augmenting our current video R&D resources to help us move more quickly toward our goals for video services that complement the way people socialize, communicate and enjoy entertainment," said Junien Labrousse, executive vice president of Logitech's Products group.
"According to our research, there is a large untapped market of people who want to communicate with friends and family using video. But they want it to be integrated into their family lifestyle, which means going beyond the PC. We believe with SightSpeed we can help create the next wave of video communications enthusiasts."
Founded in 2001, 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 (Session Initiation Protocol), 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.
About Logitech
Logitech is a world leader in personal peripherals, driving innovation in PC navigation, Internet communications, digital music, home-entertainment control, gaming and wireless devices. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
This press release contains forward-looking statements, including the statements regarding the expected benefits of the transaction,
management plans relating to the transaction and the effect of the acquisition on Logitech's financial performance. These forward-looking statements involve risks and uncertainties that could cause Logitech's actual performance to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include Logitech's ability to successfully integrate SightSpeed's services, technology and operations, the retention of SightSpeed employees, and Logitech's ability to successfully develop, introduce and market video communication services. For information regarding other related risks, see the risk factors section in Logitech's Annual Report on Form 10-K for the fiscal year ended March 31, 2008, and our Quarterly Reports on Form
10-Q, available at www.sec.gov. Logitech does not undertake to update any forward-looking statements.
Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company's Web site at www.logitech.com.
(LOGI -- IR)
SOURCE: Logitech International
Logitech International
Joe Greenhalgh, 510-713-4430
Vice President, Investor Relations -- USA
Ben Starkie, +41-(0) 21-863-5195
Public Relations Manager -- Europe
Nancy Morrison, 510-713-4948
Vice President, Corporate Communications -- USA
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