(Sharecast News) - Audio products group Focusrite revealed on Tuesday that it has acquired entertainment technologies group Sheriff Technology.
Focusrite said the initial cash consideration of £2.37m will be funded from internal cash resources and existing facilities, while it also noted there will be an earn-out of up to £1.2m payable in cash based on financial performance metrics.
The AIM-listed firm stated that by extending its activities into new products and markets, which complement its existing audio reproduction business, the acquisition was "strategically aligned" with its aims of growing the core customer base, expanding into new markets, and increasing lifetime value for customers.
Focusrite chief executive Tim Carroll said: "The acquisition of OutBoard represents another strategic expansion within our Audio Reproduction business, enhancing our product range and market reach. OutBoard's innovative products, such as TiMax spatial audio and show control, align perfectly with our mission to deliver exceptional audio experiences within live environments.
"We are looking forward to integrating OutBoard's technologies and exploring new opportunities in this segment of the rapidly evolving audio industry."
As of 1005 GMT, Focusrite shares were up 3.65% at 539.0p.
Reporting by Iain Gilbert at Sharecast.com
Focusrite (TUNE)