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11 Nov 2009
Peripherals specialist Logitech International has burst into the videoconferencing space after snapping up vendor LifeSize Communications for $405m (£243m).
The video firm will stay in its Austin, Texas headquarters and chief executive Craig Malloy will remain in charge, reporting directly to Logitech president Gerald Quindlen. It will operate as a separate division after the deal's closure, expected next month – subject to closing conditions and antitrust approval.
Quindlen said: "Together we can make lifelike, 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.”
Further reading
LifeSize is projected to bank $90m in revenue this year, which Logitech claims will grow between 40 and 60 per cent in 2010. In Logitech's next fiscal year, which begins on 1 April, it expects LifeSize income to have a "neutral to slightly positive" impact on operating profit. In subsequent years, it anticipates the buyout will have a positive impact on its bottom line.
The two firms revealed plans to establish relationships with unified communications, collaboration and voice over IP specialists. Logitech and Lifesize intend to develop "an open eco-system for interoperable video communication".
Malloy said: "LifeSize was founded on the vision of providing lifelike visual-communication solutions to change the way the world communicates. We believe that, together with Logitech, we can realise that vision for all enterprises – private and public – and small and medium businesses."
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