GN Audio has signed an agreement to acquire Altia Systems Inc., a Cupertino CA-based developer of video communications solutions utilizing digital multi-camera array technology. Products developed by Atlia Systems are currently marketed under the brand PanaCast.
The total purchase consideration is up to $125 million on a debt- and cash-free basis. Around $12 million is linked to retention agreements to be expensed by GN Audio between 2019 and 2021.
The acquisition of Altia Systems will allow GN Audio to expand into integrated audio and video communications solutions. GN Audio has already entered the Unified Communications market with its Jabra Evolve line of headphones and Jabra Speak line of products. Adding video capability to its portfolio gives GN Audio access to the market of integrated audio and video solutions for small collaboration rooms.
GN Audio has acquired several other companies in recent years as well. In October 2016, GN Audio acquired VXi, a US-based manufacturer of professional headset solutions. In July 2016, GN Hearing completed the acquisition of Audigy, a provider of business and performance management solutions. And in May 2018, GN Audio acquired a majority stake in Innova Telecom, a distributor in India, while in June 2018, GN invested in a partnership with audEERING, the German AI technology company focused on soundscape and voice analyses.
A group of key people from Altia Systems will continue to lead our Cupertino-based development activities following the transaction. The agreement to acquire Altia Systems is contingent on certain customary closing conditions.