Sonos pays $100M for Dutch audio component company
Santa Barbara-based Sonos added to its home audio arsenal on April 11 when it announced the purhcase of Netherlands-based Mayht for $100 million in cash.
Mayht specializes in audio transducers, the foundational element within speakers that creates sound. Sonos said in a news release announcing the acquisition that Mayht has “re-engineered” transducers to make them smaller and lighter without compromising on sound quality.
That is what interested Sonos, which at the start of 2022 had more $750 million in cash and cash equivalents to make this deal happen, according to its latest earnings release on Feb. 9.
“Mayht’s breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio,” Sonos CEO Patrick Spence said in a press release. “This strategic acquisition gives us more incredible people, technology and intellectual property that will further distinguish the Sonos experience, enhance our competitive advantage, and accelerate our future roadmap.”
Founded in 2016, Mayht was never planning to put its own products on the market and always planned to be bought out by a larger company, TechCrunch reported.
“We are very excited and proud to become a part of Sonos,” Mattias Scheek, CEO of Mayht, said in a news release. “Our dream has always been to set a new standard in the audio industry. The integration of our technology into Sonos products will further revolutionize high quality sound.”
No additional details on the deal were provided, but Sonos said it would announce more during its second quarter earnings call in May.
Investors seemed to approve of the deal; Sonos shares closed at $27.13 on April 11, up 1.6% from the previous trading day.